Homeowners in Duncan, Ladysmith, North Cowichan, and Lake Cowichan will begin applying for exemptions this year to avoid BC’s speculation and vacancy tax.
A residential property is exempt from the tax if it is used as the owner’s principal residence.
The speculation and vacancy tax was introduced to turn vacant homes into housing for people and ensure foreign owners and those with primarily foreign incomes contribute to BC’s tax system.
Residential property owners can make their application online once they receive a declaration letter from the province.
Those letters will be mailed to the registered property owners in late January or early February.
Homeowners will then need to complete a declaration by March 31 each year going forward.
The province says the tax is applied based on:
- How property owners use their residential property
- The property owner’s residency status
- Where property owners earn and report their income
