Have you registered with the British Columbia goverment to be exempt from the speculation tax for 2019?
You have till March 31, 2019 to register for this exemption IF you live in one of the affected areas. Those areas are according to the British Columbia Goverment website are:
- Municipalities within the Capital Regional District. This excludes Salt Spring Island, Juan de Fuca Electoral Area, and the Southern Gulf Islands
- Municipalities within the Metro Vancouver Regional District, excluding Bowen Island, the Village of Lions Bay and Electoral Area A, but including UBC and the University Endowment Lands
- The City of Abbotsford
- The District of Mission
- The City of Chilliwack
- The City of Kelowna
- The City of West Kelowna
- The City of Nanaimo
- The District of Lantzville
Reserve lands, treaty lands and lands of self-governing Indigenous Nations are not part of the taxable regions.
So as a Homeowner who owns 1 property and is in one of the areas listed above, you may think that you don't have to do anything. Unfortuantley, you would be incorrect. Regardless if you own 1 or 5 properties, you must register to be exempt, otherwise you will recieve the bill for your home to pay the rate for 2019 for Speculation tax. Same goes for all you investors out there. If you have properites in one of the above listed areas and you have it rented with in the guidlines for minimum rental periods, you must register to be excempt.
For questions about this and any other Real Estate needs, please feel free to contact me at 604-751-6799. I look forward to talking with you
Dan Friesen - HomeLife Glenayre Realty Chilliwack.