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B.C. announces Deadline for Speculation Tax Exemption

B.C. announces Deadline for Speculation Tax Exemption

Property owners must act before March 31

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B.C. is announcing that property owners must complete an online registration process by March 31, 2019 if they want to be exempt from the province's new speculation and vacancy tax (SVT) for 2018. The province says that affected homeowners will receive a letter by the end of February with instructions on how to register online for their tax exemption if they own residential property in areas that are subject to the tax. Property owners who do not complete their registration by March 31, 2019, will receive a tax notice of assessment levying the SVT.

Affected taxpayers who do not qualify for an exemption have until July 2, 2019 to pay their assessed SVT.

Forms
To complete the declaration and claim an exemption, residential property owners in B.C. who live in areas subject to the tax must submit the following information online:

  • Unique declaration and identification codes (included in the letter)
  • Date of birth
  • Social insurance number.

Property owners who do not receive a registration package by the end of February are advised to phone the SVT contact centre at 1-833-554-2323or 604-660-2421, to complete their declaration and claim their exemption by phone before the deadline.

Background
This registration process is intended to help the province identify speculators and empty homes, and allow the government to crack down on home speculation (see TaxNewsFlash-Canada 2018-40, "B.C. Releases Draft Legislation for Speculation Tax" (PDF 207 KB)). B.C. estimates that over 99% of British Columbians will be exempt from the SVT, but is firm that owners must register to claim their exemption.

For more information, contact your KPMG adviser.

Information is current to January 22, 2019. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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