How To Declare For The Speculation And Vacancy Tax - Province Of British Columbia

Who’s paying the B.C. Speculation and Vacancy Tax? Western Investor

How To Declare For The Speculation And Vacancy Tax - Province Of British Columbia. Your social insurance number (sin) your date of birth; To claim an exemption from the tax, each and every owner of residential property in the affected areas must file a declaration form by march 31st of every year.

If the applicant is the tenant, they must notify every owner. The speculation and vacancy tax is administered using data from both the land title and survey authority of british columbia (ltsa) and bc assessment. Residential property owners in designated taxable regions of b.c will have to complete an annual declaration for the speculation and vacancy tax The name of the tax has changed since it was first proposed in the. The speculation and vacancy tax declaration letter we sent you; For example, if you completed a declaration in february 2020 for the 2019 tax year, you can update. According to the government of british columbia: However, you can pay the tax anytime after you receive a notice of assessment in the mail, which will show the amount of speculation and vacancy tax you owe. All owners listed on title for a property; Ltsa provides title and legal description data to bc assessment, such as:

The province is mailing out information to all property owners in the affected areas. Mailing address(es) of owner(s) legal description of property The government has stated that it is designed to ensure that foreign owners and satellite families are fairly contributing to b.c’s tax system. Want to claim an exemption you didn’t claim in a previous tax year; If you own residential property in any of the areas listed above, you are required to complete a declaration for the bc speculation tax once early at the beginning of each year. This exemption was available for the first two years of the speculation and vacancy tax to give owners of vacant land time to begin development on the property or to reclassify the land if necessary. The tax was implemented in 2018 to combat rising housing and rent prices in the province. Where does the british columbia speculation and vacancy tax apply? Eligible owners or tenants can apply with the speculation and vacancy tax commercial tenancy remission application form or contact the ministry of finance for assistance: Residential property owners in designated taxable regions of b.c will have to complete an annual declaration for the speculation and vacancy tax The declaration can be filed online, or can be done over the phone.