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New Speculation Tax - Kelowna and West Kelowna


Blog by | November 26th, 2018


New Speculation Tax - Applicable to Kelowna and West Kelowna
 
The new speculation tax is an annual tax payable by owners of residential property in designated taxable regions of BC. There are exemptions to paying this tax. You do not pay if the property is your principal residence (you must live in the home for a longer period in a calendar year than any other property) or if you rent your property out. Couples are considered to have the same principal residence for tax purposes unless one spouse has to work out of town (i.e. one works in Fort Mac and the other lives with kids in Kelowna - Fort Mac and Kelowna homes can both be claimed as primary residences).
 
For 2018, the tax will be levied at:
• 0.5% of the property’s assessed value for all properties subject to the tax
 
For 2019 and subsequent years, the tax will be levied at:
• 2% for foreign owners and satellite families
• 0.5% for British Columbians and other Canadian* citizens or permanent residents who are not members of a satellite family
 
Here is complete information:
 
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax