It is that time of year again!  For properties located in areas subject to the BC Speculation and Vacancy Tax, declarations for the period ending on December 31, 2021 are due prior to March 31, 2022. 

Notifications have been mailed to property owners and will include the required declaration code and a unique letter ID.  With that information in hand, property owners can complete their declarations online at:

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

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 filing, the property owner should have the following information available:

• The notification letter they received,
• Their Social Insurance Number, and
• Their date of birth.

If the property is owned by a company, partnership, and/or a trust additional information will be required to complete the declaration and these property owners should carefully review the notice received and the application process.

There are various exemptions available depending on the use of the property and each property owner should carefully review the options when completing the declaration to ensure the declaration is completed properly.  If assistance is required, we recommend reviewing the following:

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

Please note, this declaration process is separate and apart from the empty home tax requirements in Vancouver.

Author: Una Kuzio

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:

• Una Kuzio: una@touchstone.law
• Joni Funk: joni@touchstone.law