Dear Clients and Friends, 

I am writing to inform you of the 2 important tax deadlines for real estate agents within the next 60 days! if you own a home in greater Vancouver, these details may come in handy. As trivial as these sound, we have had some of our valued clients missing these deadlines last year, costing them thousands of dollars which could be easily avoided. 

-Vancouver Empty Homes Tax

Each year, every owner of residential property in Vancouver is required to submit a property status declaration to determine if their property is subject to the Empty Homes Tax.

Failure to declare by February 4, 2019, will result in your property being deemed vacant and subject to a tax of 1% of its assessed taxable value. You can read the details here. 

– BC Government Speculation and Vacancy Tax

This year 1.6 million homeowners will be required to file a declaration that will determine if they have to pay the tax. Anyone who doesn’t apply for the exemption will bedeclared a speculator and will be hit with the tax. 
But it’s even more complicated than that. If the home is co-owned, for instance, both people need to go online and fill out the necessary documentation. Read what critics say about the way this tax was implemented here. To claim your exemption, you must register your property by March 31, 2019, you can learn more here.

What’s up in Vancouver? 

– Today, Vancouver City Council approved official support for UBC SkyTrain extension. Today’s vote also signals city staff to work with various partners, including UBC, to design the extension further, including public consultation to determine station locations, the exact route, and the portions that will be elevated and tunneled. The details are yet to be figured out, but here is what we know.

– Granville Bridge could lose two car lanes and get 2 bike lanes and walking path. Read the full article here.

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