If you know me, you will know that I am not a big fan of forms. I am very good at filling them out (people around me generally just hand them to me by default); I just fill so many of them that I am not happy when more forms are added to my pile. So, needless to say, I am very sorry to announce this. As of this year, we will need to fill out one more form. All home owners in the areas affected by the new Speculation and Vacancy Tax must complete an annual declaration.
So what do you need to know about this annual declaration and the Speculation and Vacancy Tax?
- If you share ownership of your home with a family member, each owner needs to fill out a declaration.
- To claim an exemption from Speculation and Vacancy Tax, you MUST complete a declaration. (If you don’t complete it, you will receive a tax notice charging you the maximum tax rate).
- The deadline to complete the declaration is March 31.
- After you receive a tax notice, you CAN still complete your declaration.
- Satellite Families might not be entitled to the tax exemption.
- Satellite Families are people who declare LESS then 50% of their total combined household income on Canadian income tax returns (if the income 50% or more of income is earned outside Canada and not reported on a Canadian income tax return).
- You should receive your declaration in the mail by mid-February.
For more information about the Speculation and Vacancy Tax, and to find out if it applies to your area, please see here.