Certain B.C. property owners only have until March 31, 2019 to ensure they are exempt from the SVT for 2018
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.
© 2020 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.