Nanaimo homeowners must file declaration to avoid being hit with speculation tax
Nanaimo homeowners will have to prove they are not real estate speculators to avoid being slapped with a tax bill from the provincial government.
The NDP government announced this week all people who own residential property in areas hit with the speculation and vacancy tax, like Nanaimo, will have to submit a declaration seeking exemption from the tax. Owners who don’t complete their declarations by a March 31, 2019 deadline will be sent a tax notice of assessment, a government release said.
Kris Sims, BC director for the Canadian Taxpayers Federation, said it’s a “mind blowing” announcement from the government.
“The idea you would be labeled a speculator unless proven otherwise, every single year by taking 20 minutes to fill out government paperwork…is outrageous and I’ll be surprised frankly if the government doesn’t back down on this within a week.”