ARTICLE · 28 MARCH 2018

British Columbia Provides Additional Information On Speculation Tax

Lawson Lundell LLP

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The British Columbia government has released further details about the Speculation Tax on residential property announced in the 2018 Provincial Budget (the highlights of which are discussed in our previous blog post).

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The British Columbia government has released further details about the Speculation Tax on residential property announced in the 2018 Provincial Budget (the highlights of which are discussed in our previous blog post). These details clarify the geographic areas the Speculation Tax will apply to, along with rates, exemptions, and credits that may be available to offset the Speculation Tax.

Geographic Areas

The Speculation Tax will focus on urban centres with low vacancy rates and in which home prices drastically exceed local incomes. Accordingly, the list of regions subject to the Speculation Tax has been refined. It will apply to the Metro Vancouver Regional District, the Capital Regional District, Kelowna-West, Kelowna, Nanaimo-Lantzville, Abbotsford, Chilliwack and Mission. The Speculation Tax will not apply to Bowen Island, the Gulf Islands, Juan de Fuca, Protection Island and Electoral Area A (except the part of Electoral Area A comprised of UBC and University

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