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B.C. Property Owners — Make Declaration by March 31

B.C. Property Owners — Make Declaration by March 31

Certain B.C. property owners only have until March 31, 2019 to ensure they are exempt from the SVT for 2018

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Specifically, registered owners must soon declare an exemption online or by phone or they may face a tax liability, even if they would otherwise be entitled to an exemption. If the SVT applies, the taxpayer must make their first payment by July 2, 2019.

In addition to making this important declaration, individuals and businesses affected by these rules must determine whether they may be liable for the higher 2% SVT rate under the rules' "income tests" starting in 2019. In some cases, this 2% rate may apply even where these properties are not "speculative" in nature, are not vacant and are otherwise occupied by B.C. residents.

Download this edition of the TaxNewsFlash to learn more.

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