If you have missed it on the news and media channels, there is a new announcement from the Government of BC for all BC homeowners. The new requirement is that every homeowners whose home is located within Speculation Tax zoning, will be receiving a letter.
This letter must be completed by the end of march to declare and opt-out from speculation tax and it must be done every year. The ones who miss the deadline will be charged as speculators. Although they can appeal to get their money returned, but it would take a long period.
This is a heads up as many homeowners in BC are exempt from this tax and yet must opt-out and fill up the form sent.
Please contact your legal advisor or your tax accountant to make sure you properly fill up the form to avoid any complication.