The deadline is almost here to register for your Speculation Tax exemption. All owners of residential property must claim the exemption by March 31st. If you have not received your letter call Toll-Free: 1 (833) 554-2323.
What areas of British Columbia are affected?
(a)a municipality within the Capital Regional District;
(b)a municipality, other than the Village of Lions Bay, within the Metro Vancouver Regional District;
(c)the City of Abbotsford;
(d)the City of Chilliwack;
(e)the City of Kelowna;
(f)the City of Nanaimo;
(g)the City of West Kelowna;
(h)the District of Lantzville;
(i)the District of Mission;
(j)that part of Electoral Area A within the Metro Vancouver Regional District that comprises the University of British Columbia and University Endowment Land as defined in section 1 of the University Endowment Land Act;
A few quick tips,
Bare land is exempt for 2018.
The speculation tax applies based on ownership as of December 31 each year.
For 2018, most British Columbians will be exempt if they either live in their home as their principal residence or rent out their property for at least three months of the year. Short-term rentals for periods of less than one month do not count towards the three-month total.
For more information vist the www2.gov.bc.ca website
Call 1 833 554-2323
Or call your Tax professional