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Speculation Tax Facts!

If you haven't claimed your Speculation Tax exemption yet, you need to do it now! Put down your coffee and grab your laptop - it is easy to do online! 


I say this, but I had a few struggles and thought I would highlight some potential pitfalls to hopefully avoid you some pain in the months and years down the road! 


1) You didn't get a letter? Well neither did I! At our primary residence, the home that we live in, I did not receive a letter. I checked with my neighbour - he got his, I checked with my mom (who conveniently (?) lives down the street - she got hers! So what do you do if you didn't receive the letter? Call 1 (833) 554-2323 to enter your claim online. They will ask you a few questions to confirm your identity and then you can claim your exemption online. Be warned - you will wait on hold for some time before you speak to a human! 


2) More than one person owns the home? You ALL need to claim the exemption - even if the other owner is your spouse. But as long as you have the form, you can do it very easily online - https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax and hit Declare Now. 


3) You own rental properties and haven't received your letter? Well guess what, they mail it to the property, not to the owner so you will need to contact your tenant and make arrangements to pick up the letter, in order to get the Declaration Code and Letter ID. 


If you're a Last Minute Larry, time to pick up the phone or get on the laptop because if you don't claim your exemption by tomorrow you will be taxed the full amount. The government has advised they will refund those who are taxed in error, but in no specific time frame! 


Get it done now, and then enjoy this beautiful Saturday!! 

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.