Corporations, Trustees and Business Partners Exemptions for the Speculation and Vacancy Tax

Many of the speculation and vacancy tax exemptions available to individuals are also available for residential property owned by eligible corporations, trustees or partners.

Note: Partnership means a business partnership.

To be eligible for a principal residence exemption, a corporation, trustee or partner must take account of its corporate interest holders, beneficial owners or partnership interest holders:

If a property is the principal residence of a corporate interest holder, beneficial owner or partnership interest holder, then the corporation, trustee or partner may be eligible for the principal residence exemption.

Eligibility for an exemption depends on whether the corporate interest holders, beneficial owners or partnership interest holders all meet the requirements that individual owners would need to meet when claiming the principal residence exemption. They must all be:

Corporations, trustees or partners may claim other exemptions in a similar manner. To be eligible they must still ensure that all of their corporate interest holders, beneficial owners or partnership interest holders meet the same requirements that individual owners are required to meet.

The speculation and vacancy tax has received Royal assent in the Legislature. This information is not a replacement for the law