BC Real Estate: Speculation, Vacancy Tax

There seems to be a lot of confusion over the BC Real Estate Speculation and Vacancy Tax. 

The tax varies depending on the owner’s tax residency and whether the owner is a Canadian citizen or permanent resident, or a member of a satellite family.

For 2018, the tax will be levied as follows:
.5% of the property’s assessed value for all properties subject to the tax

For 2019 and subsequent years, the tax will be levied as follows:
2% for foreign owners and satellite families
.5% for British Columbians and other Canadian citizens or permanent residents who are not members of a satellite family

The tax will be levied on owners who own the property on December 31 of each taxation year.

The following are the designated taxable regions. Please refer to the legislation for details.
-municipalities within the Capital Regional District
-municipalities within the Metro Vancouver Regional District, excluding Bowen Island, the Village of Lions Bay and 
--Electoral area A, but including UBC and the University Endowment Lands
-the City of Abbotsford
-the District of Mission
-the City of Chilliwack
-the City of Kelowna and the City of West Kelowna
-the City of Nanaimo and the District of Lantzville
-Reserve lands, treaty lands and lands of self-governing Indigenous Nations are not part of the taxable regions.

-Islands that are accessible only by air or water are not part of the taxable regions.

Some residential properties are excluded from the speculation and vacancy tax even though they are located within a taxable region. These include residential properties owned by:

-an Indigenous Nation
-municipalities, regional districts, governments and other public bodies
-registered charities
-housing co-ops
-certain not-for-profit organizations

Here is link for more details