BC Speculation & Vacancy Tax

How to fill in the declaration form. Who is exempt? What’s the point???

It’s here. You can’t avoid it. If you don’t make a declaration you will be charged the full tax amount (you have 6 years to get a rebate if you are taxed and qualified for an exemption).

How to make your Speculation Tax exemption declaration:
We discuss this on our podcast and we fill in the declaration live on the show. Click the player below to listen, or watch the video.

PODCAST: Subscribe on all major platforms – Multiple Offers: A Real Estate Show
Jump to 8:48 for a walk-through of the declaration.

The form is pretty easy as an owner occupier. Go to gov.bc.ca/spectax. It should take only a few minutes and you don’t need a wealth of personal information to complete it.
You will need to provide:

  1. Declaration Code (provided on letter sent from BC Gov)
  2. Letter ID (provided on letter sent from BC Gov)
  3. Property address
  4. Your Social Insurance Number
  5. And you MUST provide a phone number and email address

How much is the BC Speculation and Vacancy Tax?
The rate is 0.5% in 2018. In 2019 it goes up to 2% for foreigners and satellite families.
Details here: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/tax-rates

Do you own a condo that is vacant more than 6 months of the year?
What are your options?

  1. Pay the tax
  2. Get a tenant
    What if strata bylaws prohibit rentals? You have until 2020 to get a tenant or you will not qualify for an exemption gov.bc.ca/rental-restrictions
  3. Sell your Condo