Majority of speculation tax paid by foreign owners, Canadians living outside B.C., declarations show

The B.C. Ministry of Finance says the vast majority of those paying the speculation and vacancy taxare the people it was intended for foreignowners, satellite families and Canadians living outside the province according to the declaration formssubmitted so far.

The tax,introduced to target foreign and domestic speculators who own homes in B.C.,is part of the government's plantoincrease housing affordability in the province.

Any owner of title including spouses, family members or individuals who hold a piece of estate property in a major urban centre in B.C. wasrequired to complete a declaration by March 31 to claim an exemption from the tax.

The government says nearly all the declarations have been submitted, and that 99 per cent of British Columbianswere exempt from the tax.

It said foreignowners, satellite families and Canadians living outside of B.C. make up 80 per cent of those paying the tax.

There is still time for owners to complete a declaration and claim an exemption.If you failto qualify for an exemption, payment is due by July 2.