If you are a registered owner of residential property in Vancouver you are required to make a property status declaration each and every year. If you fail to complete the declaration by Feb.4th this year, your property will be deemed vacant and you will be charged an additional tax of 1% of the property’s 2018 assessed value.
You can complete your declaration by visiting this link. It is an easy to follow process online, don’t delay as any declarations after Feb.4th will be penalized $250.00 if your home is deemed vacant or not.
If you use your property more than 180 days per year but don’t declare as such it will be deemed vacant and you will be taxed. Secondary property owners who are required to be in Vancouver for work can simply show their contract with their employers requiring their attendance for at least 180 days per year.
The challenge is for owners who are in Vancouver weekly working for themselves and clients and have principal residences elsewhere. In these instances, proof of client contracts, meetings, hydro and cable bills should be at hand should you be audited after making your declaration.
The city’s objectives and intentions are good, we need more rental housing and there does seem to be a number of homes sitting empty. Hopefully, the revenue from the empty home’s tax will be put to good use to subsidize and help people with housing needs.
An easy solution to avoid the tax for owners who don’t use their properties is to use professional property management companies like us at Bodewell. We can help them start enjoying additional hassle-free income and avoid these additional tax burdens.
For more information on the Empty Homes Tax visit vancouver.ca/eht.
To learn how we can help you avoid this tax by renting out your property visit bodewell.ca or call (604) 633-5511