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Given the rising concern over the availability of unreasonably priced housing in certain areas of British Columbia, the provincial government has proposed a BC Speculation Tax and the City of Vancouver has implemented a Vacancy tax. Both of these recent housing affordability tax changes function as an “empty residential properties” tax.
The following two blog posts offer a brief summary of each of these taxes:
1. BC Speculation Tax – rates, issues, and which residential properties will be subjected to this tax
2. Vancouver Vacancy Tax - rates, issues, exemptions, how it will be inforced, and which residential properties will be subjected to this tax
We encourage everyone who owns residential property in the affected areas to review their situation in detail to determine whether or not one or both of these taxes apply to them. If you have any concerns regarding the recent housing affordability tax changes, we encourage you to seek professional tax advice as soon as possible.
If you'd like more information about the BC Speculation Tax or Vancouver Vacancy Tax, please contact the Manning Elliott Tax Team. We also invite you to subscribe to our mailing list so we can keep you up to date on all future tax related articles.
The above content is believed to be accurate as of the date of posting. Canadian and US Tax laws are complex and are subject to frequent changes. Professional tax advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained therein.