Year two of the speculation tax
For the second year in a row the province has sent out its Speculation and Vacancy Tax declaration forms. All homeowners must declare by their status by March 31. If you have declared before, you still have to declare again this year, even if there is no change to your information.
Money, money, money
The government expects 99 percent of British Columbians to be exempt from the tax, said Minister of Finance Carole James. The ministry estimates 32,000 people, about one percent of homeowners, will have to pay the tax, which targets properties left vacant for months at a time.
2% for foreign owners and satellite families
5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
New exemptions
You may recall some cabin owners in Indian Arm and around Belcarra were fighting to have their aged-family cabins removed from the tax inclusion zones. The government got creative for the second year of the tax and has decided that water-access-only properties will also be exempt. Also added to the exemption this year are military families. .How to declare
The fastest and easiest way to declare is online. If you can’t declare online, you can declare over the phone. Call 1-833-554-2323 toll-free and they will help you complete the declaration. Translation is also available at the above number. If you have not received your letter, the province asks you to also call the number above.What you need
the speculation and vacancy tax declaration letter, which includes:
Your Letter ID, Declaration Code and other information you need to declare
A list of all the residential properties you own in the designated taxable regions
your social insurance number (SIN)
your date of birth
Ooops I forgot
If you miss the deadline or forgot to declare by March 31 you will receive a tax notice charging you the tax at the maximum tax rate. However, all is not lost! You can still complete your declaration to claim an exemption even after you've received a tax notice.Timeline
Speculation and vacancy tax letters were mailed Jan 20 through Feb 21, 2020.Jan 20, 2020 – declaration period opens
Mar 31, 2020 – declaration due
Apr-May 2020 – most tax notices mailed
Jul 2, 2020 – tax payment due
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