Speculation and Vacancy Tax Declarations: Mullin Demeo Wirk

Here is some information on the Speculation and Vacancy Tax from Mullin Demeo Wirk that I've reposted here with their permission. I trust you will find it useful.

MULLIN DEMEO WIRK ELECTRONIC LEGAL UPDATE

January 29, 2019 Speculation and Vacancy Tax Declarations:

Speculation and Vacancy Tax declaration letters are now being mailed out to owners of residential property in the taxable regions of British Columbia. And for this reason, it is very important that clients have previously made sure that the B.C. Assessment Authority has their correct names and addresses on record. Once your clients receive their letter, they can declare online or over the telephone and must complete the declaration to claim any relevant tax exemptions.

If your clients do not declare relevant and applicable exemptions by March 31, 2019, or fail to make a declaration at all by that time, then recent B.C. Government Bulletins indicate that non-declarants will be taxed at the highest maximum tax rate pursuant to the legislation.

The Speculation and Vacancy Tax website has recently been updated and includes some further information on the Tenancy Exemptions and Satellite Families.

Tenancy Exemptions:
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals/tenancy-requirements

Satellite Families:
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals/international-income

We note that there is a disclaimer that where information on the website and the legislation conflict, the legislation prevails, and your clients should be directed to their accountant or lawyer for appropriate advice.

If you have any questions on the above or other real estate related matters, please do not hesitate to contact our office at any time.

Yours truly, Mullin DeMeo Wirk

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