The BC government announced it is expanding the current Speculation and Vacancy Tax to include 13 more communities below:
- Vernon, Coldstream
- Penticton, Summerland
- Lake Country, Peachland
- Courtenay, Comox, Cumberland
- Parksville, Qualicum Beach
- Salmon Arm
- Kamloops
As a reminder, the tax applies to residential properties in BC that are not a person’s primary residence and are not rented to a long-term tenant with other possible exemptions below.
These changes will be effective for 2024 taxation years when owners declare their properties with a filing due date of March 31, 2025.
The tax is applied to the assessed value of the property at a rate of:
- 2% for foreign owners and satellite families
- 0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
For example, a Canadian resident who owns a vacation property in Parksville assessed at $800,000 will now have to pay an annual additional tax of $4,000.
