Updates to speculation and vacancy tax information are posted here.
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The speculation and vacancy tax website has been updated to:
- Clarify that spouses declare as individuals not as a partnership
- Clarify how the 10-year period applies in the away from home for other reasons principal residence exemption
- Clarify exemptions, including the secondary residence exemptions, previous residence exemption, and away from home for any other reasons
- Clarify details about the exemption for spouses who are separated or divorced
The government announced it intends to introduce new speculation and vacancy tax exemptions for:
- Canadian Armed Forces members and their spouses, where the military member is away from B.C. due to service requirements
- Homeowners whose property can only be accessed by water
The government also intends a longer phase-out for these temporary exemptions:
- The exemption for rental restricted stratas will now end December 31, 2021
- The exemption for strata accommodation properties will now end December 31, 2020
- The exemption for vacant land will end December 31, 2019
