Sutton Showplace Realty (2015) Chilliwack

  604-858-1800 

BC Speculation Tax

22 March 2019
Sutton Showplace Realty Chilliwack

Are you on the title of your parent or child's property?
The deadline for claiming your exemption from this new tax is March 31, 2019. The online form isn't as clear as it could be about claiming this exemption.
The following information is referred from the Government website.

Individuals Exemptions for Speculation and Vacancy Tax

 

People who own residential property within designated taxable regions of B.C. may be eligible for an exemption from the speculation and vacancy tax.

Shared Ownership

When more than one owner is on title for a residence in a taxable region, each owner claims their relevant exemption as an individual. Different eligibility requirements may apply to different owners.

Example: If a parent co-owns a home with their adult child and the adult child lives in the home and the parent lives elsewhere, then the following exemptions will apply:  

  • The child claims the principal residence exemption
  • The parents claim the tenancy exemption for family or other non-arm's-length persons

Example: An elderly parent adds their adult child on title to the parent’s condo in Vancouver for end of life planning. The parent still lives in the condo and the child lives in Prince George. The exemptions will apply as follows:

  • The parent claims the principal residence exemption
  • The child claims the tenancy exemption for family or other non-arm's-length persons

Click here for a list ofExemptions: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals