Image Credit: ADOBE STOCK
January 15, 2019 - 2:46 PM
Kelowna and West Kelowna residential property owners will soon be getting letters from the province telling them how to claim their exemptions from the speculation tax.
The speculation and vacancy tax is only being applied to select B.C. cities, which include Kelowna and West Kelowna.
Property owners can expect the letters to arrive between Jan. 18 and Feb. 28, according to a B.C. government media release.
“By completing the declaration and registering to claim an exemption, British Columbians will help identify speculators and empty homes, allowing the government to crack down on speculation and make housing more affordable,” the release states. “Over 99 per cent of British Columbians will be exempt, but owners must register to claim their exemption.”
The identification code, the owner's date of birth and social insurance number, are needed to complete the declaration and claim an exemption from the tax by March 31, 2019.
All owners living in areas subject to the tax must register their property online at: www.gov.bc.ca/spectax. Separate declarations must be filled out by each property owner, even if they’re spouses.
Property owners who don’t get a letter by the end of February should phone the speculation and vacancy tax call centre at 1-833 554-2323 (toll-free Canada/U.S.) or 604-660-2421 (international). Declarations can be made over the phone.
The deadline to declare is March 31, 2019. Property owners who do not complete their declaration before April 1, 2019, will receive a tax notice of assessment. Owners whose property is not exempt from the tax have until July 2, 2019, to pay their assessed tax.
For more information on the speculation and vacancy tax, visit http://www.gov.bc.ca/spectax.
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