Speculation tax for 2021
For the third year, the province has sent out its Speculation and Vacancy Tax declaration forms. Our area was scheduled to have them mailed early February, so you should have received it. 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 program shows 99.9 percent of British Columbians are exempt from the tax. In the 2019 tax year (second year of the program) $88 million of revenue was generated, with 92% of the revenue coming from foreign owners, satellite families, Canadians living outside BC and "other" non-BC resident owners. The government had originally estimated it would receive $185 million for that period.The speculation and vacancy tax rate varies depending on the owner’s tax residency. In addition, the tax rate varies based on whether the owner is a Canadian citizen or permanent resident of Canada, or a satellite family.For 2019 and subsequent years, the tax rate is:2% for foreign owners and satellite families
0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
New exemptions
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 to North Vancouver Feb 4-5, 2021.Jan 18, 2021 – declaration period opens
Mar 31, 2021 – declaration due
Apr-May 2021 – most tax notices mailed
Jul 2, 2021 – tax payment due
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