Yesterday it was announced the insane way in which it will be administered. It is in essence a reverse billing method which you might recall was outlawed by the federal government in the 90’s for the cable companies. The government will be sending out notices to all home owners very soon that requires them to declare that the home is their principal residence or they will owe that tax as of July 2.
If you neglect to declare, its owed! and it’s retroactive to 2018!
Check out https://bit.ly/2ANGdNI for updates on the new Speculation Tax. It is up to homeowners to apply for the exemption.
Direct from the government;
Exemptions for the Speculation & Vacancy Tax
The speculation and vacancy tax is designed to prevent housing speculation, turn empty homes into good housing for British Columbians, and raise revenue that will go to supporting affordable housing. Exemptions are available, ensuring that over 99% of British Columbians are exempt.
Exemptions are also available for special circumstances such as major home renovations and life events such as divorce, hospitalization or extended absence.
Review the details of each exemption and see examples for:
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