It's speculation tax declaration time in Kelowna, West Kelowna
Exempted homeowners from B.C.'s speculation tax are being asked to complete their declaration by the end of March.
Declaration letters are in the mail for the property tax, for which more than 99% of British Columbians are expected to be exempt, according to a Ministry of Finance news release.
The speculation and vacancy tax applies to out-of-province owners and those who own multiple vacant properties in predetermined boundaries within the province.
Kelowna and West Kelowna are the only two Interior B.C. cities where the tax is collected. It also applies to homes in the Lower Mainland and the greater Victoria region.
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Exemptions must be completed by March 31 and homeowners that pay the tax will be given a July 2 deadline, the ministry said.
Homeowners that fail to pay by July 2 will face a penalty, which is new for 2022.
In 2020, the B.C. government expected to rake in $81 million from the speculation and vacancy tax, which would bring the three year total to $231 million.
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With that revenue, the Province intends to funnel it into affordable housing developments in the regions where the tax applies, and is part of the province's 10-year affordable housing plan, the ministry said.
Exemption declarations can be mailed or completed online. More information on the declaration and which postal codes the tax applies to can be found on the B.C. government website here.
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