287/2019

O.C. 723/2019

December 23, 2019

November 27, 2018

Speculation and Vacancy Tax Act

Exemptions from Tax Regulation

[Last amended October 3, 2022 by B.C. Reg. 198/2022]

287_2019_pit

Definition

In this regulation:

Act means the Speculation and Vacancy Tax Act .

Exemption for water access property

In this section:

existing road includes a road or driveway, whether paved or unpaved and whether public or private, that is usable by a motor vehicle as defined in the Motor Vehicle Act ;

federal Act means the Income Tax Act (Canada);

water access property means a property that can be accessed only by water for 6 or more consecutive months in a calendar year and that is more than 100 metres from an existing road.

A water access property is exempt from tax under the Act unless it is contiguous to a property that

is not a water access property, and

is owned by the owner of the water access property or by an owner who does not deal at arm's length, within the meaning of sections 251 and 252 of the federal Act, from the owner of the water access property.

Exemption for members of military

An owner of a residential property who is a member of the Canadian Armed Forces or a spouse of a member of the Canadian Armed Forces is, for a calendar year, exempt from tax under the Act in respect of the owner's interest in the residential property if the owner, as a result of the member's military service, is absent from the residential property at any time during the calendar year.

The exemption in subsection (1) may be claimed in respect only of a single property per owner.

Exemption for land without residence

A residential property is exempt from tax under the Act for the 2019 calendar year if, on October 16, 2018, the residential property did not include a residence or any part of an improvement intended to be a residence.

[en. B.C. Reg. 287/2019, Sch 2.]

Repealed

Repealed. [B.C. Reg. 198/2022.]

Exemption for property subject to bylaw or covenant

An owner of a residential property is, for the 2020 and 2021 calendar years, exempt from tax under the Act in respect of the owner's interest in the residential property if, on or before October 16, 2018,

the owner acquired the interest in the residential property, and

a covenant under

section 219 [registration of covenant as to use and alienation] of the Land Title Act or a bylaw of a strata corporation prohibited the occupation of a residence that is part of the residential property by an arm's length tenant, as defined in

section 36 (1) [definitions and

interpretation] of the Act, in a manner that would entitle the owner to an exemption in respect of the residential property under any of the following:

section 37 [tenancy exemption for widely held owners] of the Act;

section 38 [tenancy exemption for specified owners] of the Act;

iii

section 39 [tenancy exemption for other owners] of the Act.

[en. B.C. Reg. 287/2019, Sch. 3.]

Exemption for subsidiaries of agent of government

For the purposes of

section 20 (o) [exemption for specified owners] , an owner of a residential property that is a wholly owned subsidiary, within the meaning of the Business Corporations Act , of an agent of government is a prescribed class of persons of the Act.

[en. B.C. Reg. 162/2021.]

[Provisions relevant to the enactment of this regulation: Speculation and Vacancy Tax Act , S.B.C. 2018, c. 46, s. 139 (1) (

g) and (2).]