B.C.'s Speculation Tax Exemption
The provincial government’s affordable housing plan means that all B.C. homeowners in urban areas will need to apply for an exemption to the new speculation tax by March 31st. On Vancouver Island, this tax applies to properties in the Capital Regional District (Victoria), Nanaimo and Lantzville. If you own a home in any of these areas, you’ll be receiving a letter in the mail by the end of February that will contain the information you need to complete your declaration here:
It’s estimated that 99% of homeowners will be exempt from this new tax, which is great news.
But what does this mean to you if you sold your home in early 2019? Well, turns out it’s still your responsibility to complete the declaration and claim the exemption. It is not the new owner's responsibility. Also, remember that if your property has more than one owner, even if it’s your spouse, you each need to complete a declaration.
If you haven’t received a declaration letter by the end of February, or if you’ve moved and are not having your mail forwarded, check out the B.C. Government’s website for instructions.