The recently introduced BC Speculation and Vacancy Tax (“Spec Tax”) is a topic of much discussion in our community lately. The Spec Tax is predicted to have a significant impact on the areas which it applies, including the Cities of Kelowna and West Kelowna.
The Spec Tax does not apply to Westbank First Nation (“WFN”) or homes which are leased or subleased on WFN Lands. The Spec Tax specifically excludes from its application reserves of indigenous nations and treaty lands of any nation which has completed the treaty process, which includes WFN Lands.
Spec Tax is one of many provincial land related taxes which do not apply to WFN Lands. Other taxes which generally do not apply include Property Transfer Tax and the tax known as the foreign buyer tax. However, there is one neighborhood on WFN Lands which is registered in the Land Title Office as well as the WFN Registry, and for that neighborhood only the Property Transfer Tax and foreign buyer tax do apply.
If you have any questions about the property transfer process and related taxes which apply to homes on WFN Lands, please reach out. We help buyers and sellers of subleases on WFN Lands with the legal aspects of transactions involving their homes, and can answer questions about the fees and taxes which apply (and don’t apply).
Andrea East is a business lawyer at Pushor Mitchell LLP practicing in the areas of Business Law and First Nations Law. You can reach Andrea at 250-869-1245 if you would like assistance.
