Declaration Period Begins for B.C. Speculation and Vacancy Tax
Declaration Period Begins for B.C. Speculation and Vacancy Tax
The deadline for residential property owners to register for exemption for the new B.C. Speculation and Vacancy Tax is near.
TAX ALERT - January 22, 2019
Declaration Period Begins for B.C. Speculation and Vacancy Tax
The Speculation and Vacancy Tax (the “Speculation Tax”) became law in November 2018 and is applicable for 2018 and subsequent years. The B.C. government recently advised that between January 18, 2019 and February 28, 2019, owners of residential property located in areas subject to the Speculation Tax will receive a letter and related instructions for how to complete a declaration and register for an exemption (the “Declaration”). If the residential property has more than one owner, each owner must make a Declaration - for example, if Mr. A and Mrs. A jointly own a home in an affected area, each of Mr. A and Mrs. A must make a Declaration in respect of their ownership of the home. Declarations can be done either by telephone or online.
The deadline to make a Declaration is March 31, 2019.
Residential property owners who do not complete the Declaration on or before March 31, 2019 will be assessed the Speculation Tax, which is 0.5 percent of the residential property’s assessed value. Any Speculation Tax payable is due on or before July 2, 2019.
If you own a residential property in an affected area and you do not receive a Declaration by February 28, 2019, you can contact the B.C. government’s Speculation Tax call centre at 1.833.554.2323 or 604.660.2421.
How MNP Can Help
Our advisors can help you better understand the Speculation Tax to determine if your residential property is eligible for one of the many exemptions. When the time comes to complete the Declaration, please contact an MNP tax specialist in your region.
Read MNP’s analysis of the Speculation Tax legislation when it was first introduced here.
For more information in respect of the Speculation Tax, please view the following MNP Tax Alerts previously issued.
B.C. Speculation and Vacancy Tax - Exemptions for Developers
https://www.mnp.ca/en/posts/bc-speculation-and-vacancy-tax-exemptions-for-developersInsights
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