“The budget is not just a collection of numbers, but an expression of our values and aspirations” – Jack Lew

British Columbia Speculation and Vacancy Tax Declaration Deadline is March 31

If you own your home, you’ll have received a letter from the B.C. government telling you to make your declaration by March 31st.

Homeowners, even if they are exempt from the tax, must nevertheless file their declaration by the March 31st deadline. It is estimated that 99 per cent of homeowners will be exempted from the tax.

There are a few important points to keep in mind.

Firstly, if you haven’t received your letter already, the onus is on you to reach out to the tax office. Not receiving the letter in the mail will not exempt you from the tax.

Secondly, if there are multiple owners on title, they must all make declarations. One person cannot declare for the other owner(s).

A link to the BC government website is here.

If you cannot complete the form online, you can call the toll-free helpline, 1-833-554-2323, and in 5 minutes a representative can complete the form for you over the phone.

Any Canadian homeowners adjudged to pay the tax will pay 0.5 per cent of the assessed value of the home, although B.C. taxpayers receive a $2,000 rebate to offset the charge on the first $400,000 of assessed value.

Any foreign nationals liable for the tax are to be charged 2 per cent of the assessed value.

The affected B.C. regions are as follows:

• Municipalities in the Capital Regional District, excluding Salt Spring Island, Juan de Fuca Electoral Area and the Southern Gulf Islands
• Municipalities in the Metro Vancouver Regional District, excluding Bowen Island, the Village of Lions Bay and Electoral Area A, but including the University of British Columbia and the University Endowment Lands
• The City of Abbotsford
• The District of Mission
• The City of Chilliwack
• The City of Kelowna
• The City of West Kelowna
• The City of Nanaimo
• The District of Lantzville

2019 Federal Budget

This week, we provided some commentary on the Liberal Government’s 2019 Federal Budget proposal. You can read about it in detail here.

2018 Tax Deadline

The 2018 tax deadline for most Canadians is April 30, 2019. If you or your spouse are self-employed, then your return is due June 15, 2019.

Regardless of when your taxes are due, if you owe money on your return, it is due on April 30, 2019.

Let us know if you have any questions about your tax return.

Our tax checklists are available here.

Sources: Vancouver Courier, Government of British Columbia

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.