Here is a look at two taxes that are a hot topic right now in BC. The Speculation Tax and Foreign Buyers Tax.
The Speculation Tax was brought in to free up homes that were not being occupied as a full residences in the hope that this will help with the housing crisis to alleviate the housing shortage for working families, renters, seniors, and students. The areas in BC that are currently affected are the Capital Regional District (excluding Juan De Fuca and Gulf Islands), Metro Vancouver, Kelowna and West Kelowna, Abbotsford, Mission and Nanaimo-Lantzville areas.
Will the tax affect you? Here's a chart that helps explain who will be affected by this tax. Read the full story here.
Foreign Nationals, Foreign Corporations and Taxable Trustees will need to pay an additional tax on top of the property transfer tax when buying property in British Columbia if the land is located within certain specified areas. The areas in the province that are affected are the Fraser Valley, Greater Vancouver Regional District, Central Okanagan, Nanaimo or within the Capital Regional District.
After Feb 21, 2018 the tax rate will be 20% of the fair market value of your proportionate share. Need to know more? Read the full story here.
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