Speculation Tax Declaration due March 31, 2020

Annual Declaration Process

Every registered owner of residential property in a designated taxable region must complete a declaration each year to declare their residency status and how their property has been used.

You have to declare each year because your circumstances may change during the year.

Your declaration is due on March 31 of each year.

Learn more about:

• The declaration timeline
• Why everyone must declare
• Why we need you to complete a declaration
• Why we ask for your social insurance number

Declaration Timeline

• Receive your declaration letter mid-January to mid-February

• Declare by March 31
  
  You declare how you used your property last year. If asked about your income, use income from the year before last year.

• If you owe tax, pay by the first business day in July

For example:

• Received letter January 30, 2020

• Declare by March 31, 2020
  
  You declare how you used your property in 2019. If asked about your income, use income from 2018.

• If you owe tax, pay by July 2, 2020

Why everyone must declare

If a property has more than one owner, a separate declaration must be made for each owner, even if the other owner is your spouse or relative. 

Because this tax is based on how each owner uses the property and whether they have foreign income, we need each owner on title to declare separately.

Why we need you to complete a declaration

You need to declare your residency status, whether you pay taxes in Canada and how you use your property so that we can determine:

• If you are eligible for an exemption
• Which tax rate applies if you have to pay the tax
• If you’re eligible for a tax credit

We don’t use information from other sources such as your home owner grant application because that process doesn’t collect the right information for this tax.