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SPECULATION TAX

First round of speculation tax declaration forms delivered around Kamloops

Jan 30, 2025 | 5:19 PM

KAMLOOPS — Homeowners in the Kamloops area have begun receiving speculation tax notices in the mail and the B.C. government is reminding residents that the letters are legitimate.

This is the first year Kamloops has been included among communities that are subject to the speculation and vacancy tax. The tax was brought in by the province in 2018 as a response to housing shortages. It’s meant to discourage housing speculation and deter people from leaving homes vacant.

Tax notices began going out to local property owners in the last couple of weeks, with declarations due by the end of March.

“These are for real. It’s good that people are aware of scams out there but this is actually something that we’re asking folks to fill out. It takes about five minutes,” explains Finance Minister Brenda Bailey. “It’s a declaration that shows you’re the legitimate owner of the property and you’re declaring that you’re either renting out the property or you’re living in the property.”

All homeowners in the Kamloops area need to submit declaration forms to the province, even if they haven’t recently moved or purchased a home. And if their declaration isn’t sent in by March 31, they could be charged the maximum tax rate. Forms can be mailed in, completed online or done over the phone.

However, Bailey says there are exemptions available.

“Things happen in life. Sometimes we go through a hardship, a divorce that might lead to a place being empty, or the loss of a family member, so we do have an exemption process for the things that happen in life that might lead to a very legitimate reason why a place isn’t being rented out or isn’t being lived in,” she adds.

Speculation and vacancy tax payments can be made any time after a notice of assessment is delivered to homeowners, with the final due date being July 2.