A wide range of residential property owners may benefit from new speculation tax relief.
A wide range of residential property owners may benefit from new relief available in the draft legislation to enact B.C. real estate tax that it first proposed in the 2018 provincial budget. These measures were released in Bill 45 on October 16, 2018, also contain much-needed clarifications on the tax credit mechanism, as well as the application of this new tax where residential properties are held through corporations, partnerships, or trusts. In addition, British Columbia has introduced robust administrative and enforcement provisions, including administrative penalties and anti-avoidance rules. Once the province enacts the new rules for the "Speculation and Vacancy Tax", as it is now called, this tax will be effective in 2018 and taxpayers must make their first payment by July 2, 2019.
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