BC Speculation Tax Update

Speculation & Vacancy Tax Disclaimer

Speculation and Vacancy Tax Declarations:

Speculation and Vacancy Tax declaration letters are now being mailed out to owners of residential property in the taxable regions of British Columbia. And for this reason, it is very important that you made sure that the BC Assessment Authority has your correct names and addresses on record. Once you receive your letter, you can declare online or over the telephone and must complete the declaration to claim any relevant tax exemptions.

If you do not declare relevant and applicable exemptions by March 31, 2019, or fail to make a declaration at all by that time, then recent BC Government Bulletins indicate that non-declarants will be taxed at the highest maximum tax rate pursuant to the legislation.

The Speculation and Vacancy Tax website has recently been updated and includes some further information on the Tenancy Exemptions and Satellite Families.

Tenancy Exemptions:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals/tenancy-requirements

Satellite Families:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals/international-income

Note that there is a disclaimer that where information on the website and the legislation conflict, the legislation prevails and you should contact your accountant or lawyer for appropriate advice.