Tuesday 22 January 2019

BC's Speculation and Vacancy Tax - Important Dates and information


 Vancouver-Realtor-CarmenLeal.ca

Important Dates

  • Jan 2019-Feb 2019 – speculation and vacancy tax letters mailed
  • Jan 21, 2019 – declaration period opens
  • Mar 31, 2019 – declaration due
  • Apr 2019 – most tax notices mailed
  • Jul 2, 2019 – tax payment due

Declaration for Speculation and Vacancy Tax

All residential property owners in the designated taxable regions must complete an annual declaration for the speculation and vacancy tax. Where there are multiple owners of a home, a declaration must be completed by each owner, including spouses.
You must complete a declaration to claim an exemption. Over 99% of all British Columbians will be exempt from the tax.
The deadline to complete your declaration is March 31.
If you don’t complete your declaration, you’ll receive a tax notice charging you the tax at the maximum tax rate. You can still complete your declaration to claim an exemption even after you've received a tax notice.
If you don’t own residential property in a designated taxable region, you don’t need to complete a declaration.

How to Declare and Claim Your Exemption

If you own residential property in a designated taxable region on December 31, the Province will send you a speculation and vacancy tax declaration letter in the mail by mid-February. Contact us if you’re expecting a declaration letter from us and haven’t received one by late February.
Your declaration letter will list all the residential properties you own in the designated taxable regions and will tell you how to declare and claim any relevant exemptions. The letter will be sent to you at your mailing address on file with BC Assessment.
If you need to update your mailing address, please contact BC Assessment to do so.
Your letter will include two unique identification numbers: a declaration code and a letter ID. These numbers match you to your property. You'll need these numbers to complete your declaration. You'll also need your social insurance number to verify your identity.
This is what your letter will look like:
Partial sample of speculation and vacancy tax declaration letter showing B.C. logo, date of mailing, example owner name and address, opening paragraph of letter, declaration code and letter ID location, declaration link and barcode
As soon as you receive your declaration letter, you can complete your declaration through the online declaration application. You will be guided through the exemption options for each property.
If you prefer, you can declare over the phone with the help of an agent by calling us after you receive your declaration letter. Language translation services are available over the phone.
Complete your declaration right away to claim any relevant exemptions and avoid receiving a tax notice.
Someone else can complete your declaration online for you if they:
However, if someone else is completing your declaration over the phone, you must also be present on the call. This is because protecting your personal information is important to us.
Note: The speculation and vacancy tax is distinct from the empty homes tax in the City of Vancouver.

 Vancouver-Realtor-CarmenLeal.ca


Declaration Now Open



You can complete your declaration as soon as you receive your declaration letter. You need the Letter ID and Declaration Code from your letter before you start.
Declare now

Disclaimer

The speculation and vacancy tax has received Royal assent in the Legislature. This information is not a replacement for the law.

Contact Information

Contact us with your questions about the speculation and vacancy tax.

Toll Free:

1 833 554-2323

(Outside North America) Office:

1 604 660-2421

Email:

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Are you interested in selling or buying your home in the next few months? Work with award winning realtor, Carmen Leal and her team that specialize in Real Estate Vancouver and have qualified Buyers that are looking for a home in your area! 604.218.4846 & www.carmenleal.ca




    This communication is not intended to induce breach of existing listing agreement.

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