The declarations are coming in and it looks like a minimal amount of British Columbians are being affected by the speculation tax.
More than 99% of British Columbians will not pay the speculation and vacancy tax, which has been the topic of much debate over recent months.
Instead, it’s foreign owners, satellite families and Canadians living outside of B.C. that make up more than 80% of those paying the tax.
Any owner on title has to fill out a separate declaration and there’s still time to do without a penalty if you haven’t already.
Owners who don’t do this will receive a tax notice of assessment before the end of May reminding them that they’re required to complete a declaration.
“A declaration must be completed to claim an exemption or to determine eligibility for a tax credit,” says a statement from the provincial government. “If owners are not exempt, they must pay their assessed amount by July 2, 2019.”
The quickest and easiest way to complete a declaration is online, which you can do by clicking this link.