Some individuals with property in B.C. may benefit from new relief to its real estate tax changes.
Specifically, British Columbia has announced new exceptions from the annual speculation tax on properties that it proposed in the 2018 provincial budget. Although it appears British Columbia is still considering further changes to the speculation tax, other real estate tax changes announced in the budget are now in effect.
These complicated new rules apply different rates of tax to certain types of properties and exempt different areas of the province. While some are based on sales of affected property, others apply each year to the owner of the property. This edition of TaxNewsFlash-Canada includes a summary of the new rules and how they may apply.
Download this edition of the TaxNewsFlash to learn more.