You will have to apply for an exemption from the speculation tax by March 31st.

The Ministry of Finance said letters outlining the first speculation tax fees and exemption processes will begin arriving at all homes in Greater Victoria, Nanaimo, Kelowna and Metro Vancouver (excluding Bowen Island and Lions Bay, but including Abbotsford, Mission and Chilliwack) starting this week.

It will be up to all homeowners to apply for exemptions, with a deadline of March 31. Those who don’t apply, or qualify, will be sent tax bills due to be paid by July 2. The opt-out process will become an annual event for property owners under the new speculation tax rules. People who pay mistakenly can get a rebate within six years, according to the ministry.

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Tibor Bogdan

*Personal Real Estate Corporation
Sutton Showplace Realty
cell: 604-855-2521
TF: 1-877-858-2408