HELP! What you need to know to file your BC Speculation and Vacancy Tax exemption

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The new Speculation and Vacancy Tax requires annual declaration based off ownership as of December 31st each year

How much is the tax?Image result for bc speculation tax

·        0.5% for Canadian residents and permanent residents (possible future increase to 1% )

·        2% for Foreign owners

 

 

 

Now that you know some basic information on the tax, this is what you need to do in order to exempt yourself from the tax:

 Register your property by March 31st, 2019 by phone or online using the information you will receive in the mail sometime in February.

  • From the letter you will need the Letter ID and Declaration Code to proceed with your declaration.
  • All owners (registered on title) must submit separate declarations (including spouse, children, family, etc. depending on title)
  • The letter will list all the residential properties you own.
  • Contact the Government of BC if you have not received your letter by late February.

Other information on the Speculation and Vacancy Tax

·        The speculation and vacancy tax is distinct from the empty homes tax in the City of Vancouver.

·        If a residential property has multiple owners, tax is divided among each owner based on their ownership share. For example, if you and your spouse are equal owners of a residential property in a taxable region, you’ll each owe tax on 50% of the home’s assessed value.

 Paying the Tax

·        If you owe speculation and vacancy tax, your payment is due by July 2, 2019.

·        You can pay the tax using the Government of BC’s online payment system, through your personal financial institution, by cheque, or in person at a Service BC Centre.

 

For detailed and up-to-date information please visit the BC Government Website