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B.C. finance ministry reports high returns on speculation tax forms, 99 per cent will not pay tax

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The Ministry of Finance says foreign property owners, Canadians living outside of B.C. and satellite families — those who live in B.C., but pay income taxes elsewhere — make up more than 80 per cent of people who will pay the tax.

The Ministry of Finance says more than 97 per cent of people in British Columbia who received speculation and vacancy tax notices have filed their declaration forms.

The ministry says property owners who didn’t file the declaration by the March 31 deadline will receive a tax assessment notice by the end of May reminding them to complete the declaration to claim an exemption or determine eligibility for a tax credit.Owners not exempt from the tax must pay their assessed amount by July 2.

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