The deadline for submissions is Sunday, March 31st.
The provincial government won’t come looking for the taxes until July 2nd, 2019 and hasn’t made clear what will be done to those that miss Sunday’s deadline.
Foreign investors and satellite families are expected to make up the 1 per cent paying during this first year of the speculation tax. Many British Columbians caught a break because of provisions that exempt any residence listed as primary and any home that was rented for more than 3 months in 2018.
The designated taxable regions focus on urban portions of the province, where move-in ready homes are often left vacant by investors looking to renovate, or hold on for a higher return. All home owners in Metro Vancouver should have been served forms in February.
Property value in the lower mainland has made the area an embodiment of the province-wide housing crisis and a prime target for the speculation tax that will be issued on top of the cities empty home tax.