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:
- Declaration Code (provided on letter sent from BC Gov)
- Letter ID (provided on letter sent from BC Gov)
- Property address
- Your Social Insurance Number
- 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?
- Pay the tax
- 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
- Sell your Condo