1 In this regulation:
"Act" means the Speculation and Vacancy Tax Act;
"average monthly rent", in relation to a calendar year, means the average rent reported by CMHC for a one-month period in the preceding calendar year;
"census area" means a geographic area classified by Statistics Canada as a census subdivision or a census metropolitan area for the purposes of taking a census of population;
"CMHC" means the Canada Mortgage and Housing Corporation established by section 3 of the Canada Mortgage and Housing Corporation Act.
2 For the purposes of paragraph (f) of the definition of "residential property" in section 1 of the Act, the following land and improvements are prescribed:
(a) a parcel of land, together with improvements, if one of the improvements is a building that
(i) is primarily used for the purpose of providing rental accommodation on a monthly or longer basis,
(ii) does not consist of strata lots, and
(iii) consists of at least 4 apartments that are only rented or offered for rent on a monthly or longer basis;
(b) a parcel of land and any improvements on that land if any portion of the land or improvements, or both, are used in conjunction with property described in paragraph (a);
(c) a parcel of land and any improvements on that land if any portion of the land or improvements, or both, are used as, or in conjunction with, a nursing home, rest home, bunkhouse or cookhouse referred to in section 1 (1) (a) of the Prescribed Classes of Property Regulation, B.C. Reg. 438/81;
(d) a parcel of land and any improvements on that land if any portion of the land or improvements, or both, are used as, or in conjunction with, a group home.
3 For the purposes of section 5 (2) [meaning of "untaxed worldwide earner"] of the Act, money or a right or thing is prescribed for a calendar year if the money, right or thing is described in section 81 of the federal Act.
4 For the purposes of section 21 (b) [exemption for not-for-profit corporations] of the Act, a residential property must be primarily used for a charitable purpose.
5 (1) For the purposes of section 39 (2) (c) (ii) and (3) (c) (ii) [tenancy exemption for other owners] of the Act, the fair market rent for a residential property for a calendar year is the total of the fair market rent, for the calendar year, for each residence that is part of the residential property.
(2) The fair market rent for a residence for a calendar year is one of the following, as applicable:
(a) in the case of a residence that is described in paragraph (a) of the definition of "residence" in section 1 of the Act or that is a townhouse or an apartment making up one half of a duplex, the amount that is twice the amount that is obtained by multiplying 12 by the average monthly rent for the class of apartments that is comparable to the residence;
(b) in the case of a residence other than a residence referred to in paragraph (a), the amount that is obtained by multiplying 12 by the average monthly rent for the class of apartments that is comparable to the residence.
(3) For the purposes of subsection (2) (a) or (b), as applicable, a class of apartments is comparable to a residence if
(a) all of the apartments in the class have the same number of bedrooms as the residence or, in the case of a residence with 3 or more bedrooms, all of the apartments in the class have 3 or more bedrooms, and
(b) all of the apartments in the class are located in the smallest census area in which the residence is located and for which CMHC has reported the average monthly rent for that class of apartments.
6 Interest payable on amounts due to the government under the Act must be
(a) calculated at the rate prescribed under the Interest Rate under Various Statutes Regulation, B.C. Reg. 386/92, and
(b) calculated on a daily basis and compounded monthly.
[Provisions relevant to the enactment of this regulation: Speculation and Vacancy Tax Act, S.B.C. 2018, c. 46, sections 138 and 139 (1)]
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