The deadline is approaching for owners of residential properties in Vancouver to file their Empty Homes Tax declarations.
The annual submission must be made by February 4, 2019 and around half of owners have yet to do so.
Those homeowners who miss the due date will have their properties deemed vacant and will be subject to the Empty Homes Tax at a rate of 1% of the property’s 2018 assessed taxable value, as well as a $250 penalty. If that payment is not paid by April 12, 2019 there is a 5% penalty.
The City of Vancouver says that most properties will not be subject to the Empty Homes Tax, including when a property is used as a principal residence by the owner, his/her family member or friend, or other permitted occupier for at least six months of the year.
Tax is also not due where the home is rented for residential purposes for at least six months of the year in periods of 30 or more consecutive days, or if the property meets the criteria for one of the eight exemptions.
Declarations can be made online, by phone, or in person.
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