New Proposed Speculative Home Tax & Central Okanagan West
Here is some information from RDCO I requested as I have received several inquiries since the recent Provincial Budget Speech. I will post any further information I am able to get. Information on the Empty Home Tax has not been received as yet but I am still digging for it.
As you are aware, the BC government has recently announced its intention to introduce an annual Speculation Tax for the 2018 tax year. As staff understand it, the new tax will initially apply to the Metro Vancouver, Fraser Valley, Capital and Nanaimo Regional Districts, as well as, the municipalities of Kelowna and West Kelowna.
Please note, this is a separate tax from the expansion of the Additional Property Transfer Tax for Foreign Entities & Taxable Trustees which is a property transfer tax paid by foreign nationals, foreign corporations or taxable trustees within specified areas of BC. As staff understand it, this tax will increase from 15% to 20% and expand from Metro Vancouver into other areas of the province including the Regional District of Central Okanagan.
As more information is made available, staff will do our best to keep Regional Board members informed. In the meantime, here are a few BC Government web links that may be helpful:
Property Taxes
https://www2.gov.bc.ca/gov/content/taxes/property-taxes
Speculation Tax
https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf
Additional Property Transfer Tax for Foreign Entities & Taxable Trustees
B.C. Provincial Budget Tax Changes
https://www2.gov.bc.ca/gov/content/taxes/tax-changes/budget-changes#property
