Based on declarations received by the province thus far, more than 99 percent of British Columbians will not pay the controversial new speculation tax.
BC introduced the speculation and vacancy tax as part of their 30 point plan to reduce housing costs in the province.
The tax is meant to restore housing affordability by taxing those who own homes in BC but live outside the province and do not pay taxes within it.
Residents in taxable areas must complete a declaration to be exempt from the tax by July at the very latest.
Of declarations received so far, more than 80 percent of those being charged the tax are foreign owners, satellite families, and Canadians living outside of BC.
