A lot of people have work to do to avoid paying speculation tax - InfoNews

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A lot of people have work to do to avoid paying speculation tax

A Kelowna home with a carriage house is pictured in this file photo.
Image Credit: FILE PHOTO
March 15, 2019 - 11:51 AM

KELOWNA - While more than 80 per cent of affected homeowners have applied to be exempt from the new provincial speculation and vacancy tax, that means about 20 per cent are running out of time to get it done.

Kelowna and West Kelowna homeowners are the only ones in the Interior of B.C. who are subject to the tax.

More than 99 per cent of B.C. residents are exempt from the tax, according to a news release from the Ministry of Finance. In part, that’s due to the fact that only certain cities, mostly in the Lower Mainland, are subject to the tax.

No breakdown was provided on the percentage of affected local residents who have applied.

The declarations have to be made by March 31 or the tax will be imposed. No appeals are allowed if the deadline is missed.

Letters notifying homeowners and providing codes were mailed out earlier this year.

Applications can be made online at www.gov.bc.ca/spectax by phone at 1-833 554-2323 (in Canada and the U.S.) or 604-660-2421 (international) from 8 a.m. to 8 p.m., seven days a week.


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