Vacancy and Speculation Tax

Imposes an annual tax of 0.5% of property value on Canadian citizens and permanent residents who own property in a taxable region but do not live in it or rent it out for more than six months of the year. A tax of 2% of property value per year applies to foreign buyers and satellite families. Property owners must make a declaration each year on each of their properties as to whether they are exempt from the tax or not. Declarations can only be made online or over the phone; owners must have the declaration code and letter ID they received in the mail to make a declaration. Call centre hours are 8 am to 8 pm seven days a week.