If you OWN a home in BC and do NOT want to be taxed by the provincial NDP government NEED to watch the video below and contact us if you have any questions about your mortgage.
The BC Government is instituting a tax which will impact ALL homeowners in that you MUST claim exemption OR be taxed!!!! Here’s what you need to know :
How to Exempt Yourself
To claim your exemption, you must register your property by March 31, 2019 – and it’s easy to do, either by phone or online. The information you’ll need to register your property declaration will be mailed by mid-February to all owners of residential property within the taxable regions.
Please note that if your property has more than one owner, even if the other owner is your spouse, a separate declaration must be made for each owner.
How the Tax Will Be Charged If You're Not Exempt
The speculation and vacancy tax rate varies depending on the owner’s tax residency and whether the owner is a Canadian citizen or permanent resident of Canada, or a member of a satellite family.
By levying the highest tax rate on foreign owners and satellite families (those who earn a majority of income outside the province and pay little to no income tax in B.C.), the speculation and vacancy tax is a way to make sure these property owners are paying their fair share in taxes.
The speculation and vacancy tax applies based on ownership as of December 31 each year.So if you have more questions, and you wanna get set up for a mortgage, make sure to reach out so we can look at your financial plan.
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What To Do Next? 😎
Reach out to us If you are THINKING about buying or Refinancing
Send This Info & Video to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.
Send them our way and we will give them an estimate of their before and after rule pre-qualification.
Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year.
How to Start Reach US! 📲
More Questions or READY to get started!?