Canada has recently introduced legislation to implement an Underused Housing Tax (UHT).[1] (You can read our blog on this legislation here) The UHT will apply to non-resident, non-Canadian owners of residential property. As others have pointed out, the UHT contains some unusual policy choices.[2] For example, if the goal of the UHT is to increase housing supply, it should ...
On November 27, 2018, the British Columbia provincial government enacted Bill 45, the Budget Measures Implementation (Speculation and Vacancy Tax) Act (the "Act"). Unless otherwise exempted, all owners of residential property in designated regions in British Columbia are required to pay the speculation and vacancy tax ("SVT") for the calendar year 2018 and beyond. The ...
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