It is nearly the end of March which, for many BC residents, means two things: your crocuses are popping up, and your BC Speculation and Vacancy Tax declarations for the period ending on December 31, 2022 are due (deadline is March 31, 2023).

If you’re living in the Capital Regional District, Metro Vancouver Regional District, Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo or District of Lantzville, this means you (as of now)! Notifications have been mailed to property owners and each includes the required declaration code along with a unique letter ID (fancy, huh?).  With these, you’ve got the power to complete your declarations online!  Here’s the link:

www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax/how-to-declare

Before you file, make sure you’ve got the following information handy:

• Your notification letter,
• Your Social Insurance Number, and
• Your date of birth

Just a reminder, a declaration is required to be made by each registered owner of the property every year, and arrangements will need to be made for any tax payable before the applicable deadlines.

Please note that the if the property is owned by a company, partnership and/or a trust, the process is a little more complicated and we urge you to carefully review the notice that was sent to you as it will outline your application process.

Fun fact, there are exemptions!  You’ll be able to read through a list of exemptions to see if they apply to your circumstances on the link above.

Should you require any help, here’s a great tool:

www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax/help

This information is general in nature only. You should consult a lawyer or appropriately qualified party before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637 or one of our lawyers practicing in the area of real estate at the following:

Jane Otterstrom: jane@touchstone.law

Una Kuzio: una@touchstone.law