How much is the empty home tax?
Then, how much is the speculation tax?
For 2019 and onwards, the speculation and vacancy tax rate varies, depending on your residency and where you pay income tax: 2% for foreign owners and satellite families. 0.5% for British Columbians and other Canadian citizens or permanent residents who are not members of a satellite family.
Similarly, what is the difference between speculation tax and empty home tax? It targets those who own residential property in BC but don't pay income taxes here. Like the provincial speculation tax, the Empty Home Tax targets those who own residential property in BC but don't pay income taxes here. It's also meant to encourage homeowners to put up their non-principal residence(s) for rent.
Beside this, where does empty home tax apply?
The Empty Homes Tax only applies to people who own residential properties in the City of Vancouver. Most homeowners won't have to pay the tax, as long as the property is their primary residence, or they live there for at least six months of the year.
Is there empty home tax in Richmond?
Richmond city council is not pushing for an extra empty-homes tax, but they are going to ask the province to return the tax it collects on vacant homes to municipalities.