Only one per cent of British Columbians will be paying a speculation and vacancy tax, according to the B.C. government.
Based on declarations received so far from homeowners, a majority of those who will be paying the tax are foreign owners, satellite families and Canadians living outside of B.C., the ministry of finance said in a news release Friday.
Exemption forms must be submitted by the end of May and can be completed online or by phoning 1-833-554-2323.
The forms must be filled out by property owners who have homes or extra properties in regions where the taxes are in effect. Every homeowner must register to opt out of the 0.5-per-cent tax.
READ MORE: Seniors with unrentable homes in Belcarra, B.C., face huge speculation tax bills
Those who are not exempt have until July 2 to pay their assessed amount.
The property tax applies to Metro Vancouver, Greater Victoria, and the municipalities of Nanaimo, Lantzville, Abbotsford, Chilliwack, Mission, Kelowna and West Kelowna.
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