The Speculation Tax is Here. IF YOU ARE AN OWNER OR LISTED ON THE TITLE OF ANY PROPERTY LOCATED IN ONE OF THE TAX ZONES, YOU MUST DECLARE BY MARCH 31, 2019 OR YOU WILL BE DEEMED A SPECULATOR AND WILL BE TAXED ACCORDINGLY.
On a property assessed at $1.5 million dollars, the speculation tax stands to cost property owners up to $7,500 for 2018 and $30,000 annually thereafter if they do not declare, or are not entitled to, an exemption to the tax.
Property owners should be receiving a notification in the mail from the provincial government. If you have any questions about your notification or would like assistance navigating the process to make your declaration, please do not hesitate to contact us.
In cases of joint ownership, all owners must make separate declarations. Regardless of the nature of your ownership interest of a property or whether you personally receive a notification, if you are listed on title or deemed to be an owner of property, you are required to make a declaration with respect to the tax. Even if you have lived in your home for 40 years, you still have to take action on the speculation tax.
The lawyers at Henley & Straub LLP have done extensive research on this topic and have corresponded directly with the Speculation and Vacancy Tax Rulings Team to ensure we are informed with respect to a myriad of possible scenarios.
Henley&Straub LLP
We stand ready to help you understand your situation and provide you with accurate and timely advice with respect to the speculation tax and how it affects you.
P E R S O N A L & B U S I N E S S L AW
250.656.7231 • #201 - 2377 Bevan Ave, Sidney • www.henleystraub.com
2 SEASIDEMAGAZINE.CA | MARCH 2019