Under BC's Speculation and Vacancy Tax Act, which owner of residential property in a taxable region is exempt from the tax for the year?
Correct Answer
B) A BC resident owner whose home on the property is their principal residence for the year
Speculation and Vacancy Tax Act s. 29 exempts an owner whose residence on the property is the principal residence of an eligible owner, meaning an individual who is a resident of British Columbia at year end (s. 28). Citizenship alone does not exempt anyone, the tenancy exemption requires at least six months of qualifying rental (ss. 37 to 39), and length of ownership is not an exemption.
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