Many of you should be receiving your Speculation & Vacancy Tax Declaration in the mail. We just received ours today. For more information or to make your declaration, head to the Government of BC’s website. Make sure you have your Declaration Code and Letter ID handy
The deadline to declare is March 31, 2020 to claim your exemption. More than 99% of British Columbians are exempt. Usually, if your home is your primary residence, you are exempt. The tax is payable on July 2, 2020.
Each owner must do a separate declaration, even if the other owner(s) is your spouse or family member. Owners can be exempt for their entire home, if they rent out one or more properties on it ie a basement suite.
The declaration letters are mailed out based on postal code between January 17th, 2020 and February 18th, 2020. If you don’t receive your letter by February 21st, 2020, you should contact the government office.
We are not tax experts so if you have questions, please contact the government office for information or your accountant for advice.