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!