Albertans face new tax on BC properties

Albertans who own vacation properties in B.C. face new tax

Source: CBC News

B.C. budget introduced 2% tax on empty properties in Lower Mainland, Kelowna, Victoria and Nanaimo

Albertans with secondary properties in some parts of British Columbia are facing a tax hike.

The B.C. government announced a new levy in its budget this week aimed at property owners who don’t pay taxes in the province and leave homes empty.

By 2019, the speculation tax rate will be two per cent of the assessed value and will include properties in the Lower Mainland, Victoria, Nanaimo and Kelowna.

It’s difficult to put an exact number on how many Albertans own real estate in those areas.

Read the full article here.