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ARTICLE · 14 MARCH 2018

B.C.'s "Speculation Tax" – Nomenclature At Its Finest

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If you are a resident in a province other than B.C. for the purposes of paying income taxes, and you own residential property in Metro Vancouver, the Fraser Valley, the Capital and Nanaimo Regional Districts, ...

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If you are a resident in a province other than B.C. for the purposes of paying income taxes, and you own residential property in Metro Vancouver, the Fraser Valley, the Capital and Nanaimo Regional Districts, or in the municipalities of Kelowna and West Kelowna (the "Target Areas"), you should be paying special attention to the new "speculation tax" in B.C 1.

B.C.'s NDP government introduced its 2018 Budget and Fiscal Plan ("Budget 2018") on February 20, 2018. As part of Budget 2018's Homes for B.C. – A 30-Point Plan for Housing Affordability in British Columbia (the "30 Point Plan"), B.C.'s provincial government indicated that it intends to levy a speculation tax against non-resident owners of residential property in the province starting this fall. While Budget 2018 was extremely sparse with respect to details regarding this new speculation tax, here is what we know so far:

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