Own a home in Vancouver? If it’s not your principal residence, eligible for an exemption, or rented out for at least six months in 2017, it will be subject to the Empty Homes Tax – a 1% tax on the property’s assessed value.
Take the City’s online questionnaire to find out if the tax applies to you. If it does apply, you’ll need to rent out your place to a tenant no later than July 1, and it must remain occupied for the remainder of 2017 in order to be excluded from the tax. (Homes must be tenanted for a minimum total of six months, in periods of 30 or more consecutive days)
Yes – every owner of residential property will have to make a property status declaration for the 2017 calendar year. In December, you will receive instructions outlining how to make this declaration, which will be due by February 2, 2018.
A principal residence is defined as:
“… the usual place where an individual lives, makes his or her home and conducts his or her daily affairs, including, without limitation, paying bills and receiving mail, and is generally the residential address used on documentation related to billing, identification, taxation and insurance purposes, including, without limitation, income tax returns, Medical Services Plan documentation, driver’s licenses, personal identification, vehicle registration, and utility bills.”
Complete the online questionnaire to find out.
Visit: Empty Homes Tax online
Phone: 3-1- 1 (604-873- 7000)