February 20th, 2019, Bonny Klassen
BC Speculation Tax and Mattters of Estates
The speculation and vacancy tax is designed to target foreign and domestic speculators who own residences in BC but don’t pay taxes here. However, caught in the trap are people with empty homes such as estates. It should be noted that this is a second vacancy tax.
The tax rate is 0.5% of a home’s value in 2018, which would be $5000 a year for a pro ...