Speculation Tax is Here.

By
Real Estate Agent with RE/MAX Kelowna

It’s the end of January and we have all started to receive our speculation Tax envelope from the government. If you have owned a property in B.C. as of December 31st, 2018 a letter will be sent to the address on file with the B.C. Assessment Authority.

The letter is important as it will have your declaration code and letter ID included. Once you have received your speculation tax letter you are able to proceed to declare your position with the government. You have the availability to do this by either phone (toll free at 1-833-554-2323) or on line at www.gov.bc.ca/ spectax.

You will need to have on hand when you start the process your Declaration Code, Letter ID Code, Social Insurance Number and the property address. This is a very important task to be completed. If you don’t file your declaration prior to the March 31st deadline, you will have to pay the tax and then file for a refund and we all know how quickly the government likes to refund you your money.

The toll free number is there if you don’t have access to a computer or are uncomfortable with the forms. Also, use the number if you are unsure of exactly what to do. Just be prepared that it may take a bit of time!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Tags:
steve higgins
steve higgins real estate kelowna

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
870,067
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good evening 

Thank you for sharing your information Steve Higgins 

Have a great evening 

February 11, 2019. 

Feb 11, 2019 07:37 PM #1
Rainer
470,715
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Steve,

Say whaaaaaaaaaaat??? I always thought you guys were a lot more reasonable. I would not call investing in an illiquid property that requires you to invest more money for repairs, upkeep and management speculation. Buying a lottery ticket is speculation.

Feb 11, 2019 09:52 PM #2
Rainmaker
518,361
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Anthony Acosta - ALLATLANTACONDOS.COM 

Thank for your comment and stopping by. I hope all is well with you.

Feb 12, 2019 04:39 PM #3
Rainmaker
518,361
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Dorte,

Well we were until this NDP government was able to form the government by aligning itself with another party to form the government. As they were not voted in and I am sure will be gone next election. This tax is only in area's where the real estate is in high demand. They figured by doing this that investors will not by properties and leave them sit empty or use them as they want. If you have a second property in any of these areas and are renting it out for more than 6 months of the year than you are exempt. However, the rental can not be any kind of a vacation rental, so what local is going to only rent a place for 6 months and move?? Then we get into the Tenancy Act which is a whole other nightmare! They thought that by doing this it would slow our market down and give locals a better chance to buy homes here. All this has done is hurt our markets. 

Feb 12, 2019 04:59 PM #4
Rainmaker
3,121,577
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Steve - I know little, slightly more than nothing,  of the innerworking of Canadian law. I appreciate this post for its introduction of something I was uunaware/unfamiliar prior as well as your detailed response in comment 4 that sheds more light on the subject. 

Feb 13, 2019 05:47 AM #5
Rainmaker
518,361
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Michael Jacobs 

Thanks for stopping by and leaving a comment! It's been a challenging time for all of us. We all have lost a lot of sales over this.

Feb 13, 2019 06:32 PM #6
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
518,361

Steve Higgins

Ask me a question
*
*
*
*
Spam prevention