British Columbia Extends Empty Home Tax to Encourage Rental

The BC government is expanding the empty home tax to additional cities, including North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay, and Squamish.
Property owners in affected regions must declare the use of their property in 2023 or face penalties.
The penalty for failure to declare ranges from 0.5% to 2% of the property's total value, depending on the owner's citizenship.
The tax has generated over $313M, which has been redistributed to local authorities.

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