Category: Real Estate
How should a property owner navigate the appeal process if faced with a Speculation and Vacancy Tax assessment or reassessment?
This article discusses an exemption relevant to property owners unexpectedly charged Spec Tax on bare lots in communities like Peachland, Penticton, and Lake Country.
The BC home flipping tax (the “Flipping Tax”) imposed under the Residential Property (Short-Term Holding) Profit Tax Act (the “Act”) took effect on January 1, 2025.
On March 4, 2025, it was announced that beginning in the 2026 taxation year the Speculation Tax rate will increase for all non-exempt property owners.
Unless an exemption applies, real estate purchases are subject to GST. To determine whether an exemption applies, the seller must consider how the property was used during its ownership.
The latest expansion of the Speculation Tax has expanded the tax to many Okanagan communities along with other previously excluded communities.