City Studies Speculation Tax

West Kelowna Council wants more information — and input — on BC’s speculation tax.

Council has requested a staff report on the tax’s impact on properties owned by non-residents which will be at their March 13th meeting.

The levy will force out-of-province owners to contribute more to BC government revenues, or to rent out their homes.

“The Speculation Tax, effective in 2018, will target foreign and domestic speculators in certain areas of BC,” says a City news release. “A non-refundable income tax credit will be levied on non-owner occupied, vacant and short-term rental properties in West Kelowna, Metro Vancouver, Fraser Valley, Capital and Nanaimo Regional Districts and Kelowna that are owned by individuals who do not live in BC.”