Speculation Tax for BC Residents

[80watts]

So I recently filled this out online.
A did have a couple of questions as to the information they required and the security of that information....

Anytime anything online that asks for a Social Insurance Number, and other particulars like your birthdate and name and telephone number.... Form don't let you submit with out this information....

I think scam.....

There is no mention of how secure this information is.

And why the fuck do I have to fill it out every fucking year...

 

[Sprider69]

...

And why the fuck do I have to fill it out every fucking year...

To make sure nothing has changed...my question is why can't it be incorporated into your property tax statement.

 

[kiels]

Property tax is local/city, Speculation tax is provincial.

 

[Amerix]

So I recently filled this out online.
A did have a couple of questions as to the information they required and the security of that information....

Anytime anything online that asks for a Social Insurance Number, and other particulars like your birthdate and name and telephone number.... Form don't let you submit with out this information....

I think scam.....

There is no mention of how secure this information is.

And why the fuck do I have to fill it out every fucking year...

You have to fill it out because the NDP are control freak assholes who think they own your property but are just nice enough to let you keep some of it.

Remember to vote appropriately next time around.

 

[Diablo]

You have to fill it out because the NDP are control freak assholes who think they own your property but are just nice enough to let you keep some of it.

Remember to vote appropriately next time around.

Also remember there's municipal empty homes tax. So should they be booted also? I thought the two should be combined even it's different levels of govt.

 

[Amerix]

Also remember there's municipal empty homes tax. So should they be booted also? I thought the two should be combined even it's different levels of govt.

I doubt Vancouver will ever vote for a sane government again, so you might be stuck with that.

 

[MissingOne]

We have been labeled as speculators and charged the tax because we selfishly hang onto a property with an unlivable house on it, that has been in our family since the 1970s.

 

[appleomac]

We have been labeled as speculators and charged the tax because we selfishly hang onto a property with an unlivable house on it, that has been in our family since the 1970s.

I'm in the same boat with some vacant land I own. I never had my lawyers look in to it; but from my own research the tax is levied based on property class. Long story short, pretty much all residential properties are considered Class 1 property, whether it is merely land or land and improvements like buildings, etc. Basically, if it's zoned residential (regardless of if there is a dwelling on it or not, or the condition of said dwelling) it is a Class 1 property and subject to the tax. Didn't bother me so much previously, but I think the tax is increasing to 2%, so now I have to figure out if I want to sell or not.

 

[Mikehma]

I'm in the same boat with some vacant land I own. I never had my lawyers look in to it; but from my own research the tax is levied based on property class. Long story short, pretty much all residential properties are considered Class 1 property, whether it is merely land or land and improvements like buildings, etc. Basically, if it's zoned residential (regardless of if there is a dwelling on it or not, or the condition of said dwelling) it is a Class 1 property and subject to the tax. Didn't bother me so much previously, but I think the tax is increasing to 2%, so now I have to figure out if I want to sell or not.

If it's going up in value faster than the rate of tax, if you can cash flow the tax, it's a keeper. I'm sure you could find a developer who would front building you a revenue generating rental on it. Take the developer out with a mortgage pnce it's done. Just keep the build price under control so the mortgage payment plus taxes is a bit less than the rent. I don't know if you can build anything here for $150 a square foot, but you might be able to get a couple of two bedroom and a three bedroom suite on it.

 

[rlock]

You have to fill it out because the NDP are control freak assholes who think they own your property but are just nice enough to let you keep some of it.

Remember to vote appropriately next time around.

You have to fill it out, because FUCK PROPERTY SPECULATORS AND MONEY LAUNDERERS. That's why.
As Amerix said, vote appropriately. For me, it's voting for someone who will stick it to them.

This "spectax" thing is meant to weed them out.
he first year it was done, calling it in was a shit-show, but this year was easy. Virtually no wait time at all.

But if you are really pissed off about the taxes on existing homes / properties, the thing to get upset over is called "highest and best use". That's the real killer, assessing every property as if there was going to be some maxed-out massive development on it. You pay property tax for what it could be, not what it is.

 

[appleomac]

If it's going up in value faster than the rate of tax, if you can cash flow the tax, it's a keeper. I'm sure you could find a developer who would front building you a revenue generating rental on it. Take the developer out with a mortgage pnce it's done. Just keep the build price under control so the mortgage payment plus taxes is a bit less than the rent. I don't know if you can build anything here for $150 a square foot, but you might be able to get a couple of two bedroom and a three bedroom suite on it.

The amount of tax I have to pay is not an insignificant amount of money but it's not really of concern. Personally I'd rather sell then build on it just for the simple fact that the process of building is a pain in the arse (only exception would be if I'm building it for myself). Funny thing is, with the new increase in the tax rate, it might be beneficial for me to "start the development process" by hiring an architect to do some design work so that I can get the exemption on the tax under the "land under development exemption." At the old rate it didn't make any sense for me financially to look into spending money to get exempt, now with the higher rate, it might be cheaper for me to pay for design work vs. paying the tax! Seems silly, government raises the tax (I'd imagine to raise more revenue) but by doing so gave me (and potentially others) a simple means to use the exemption they offer. LOL!

Correction: Looks like the new rate only applies to foreigners. Awesome! Now there's nothing for me to think about

 

[rlock]

The amount of tax I have to pay is not an insignificant amount of money but it's not really of concern. Personally I'd rather sell then build on it just for the simple fact that the process of building is a pain in the arse (only exception would be if I'm building it for myself). Funny thing is, with the new increase in the tax rate, it might be beneficial for me to "start the development process" by hiring an architect to do some design work so that I can get the exemption on the tax under the "land under development exemption." At the old rate it didn't make any sense for me financially to look into spending money to get exempt, now with the higher rate, it might be cheaper for me to pay for design work vs. paying the tax! Seems silly, government raises the tax (I'd imagine to raise more revenue) but by doing so gave me (and potentially others) a simple means to use the exemption they offer. LOL!

Correction: Looks like the new rate only applies to foreigners. Awesome! Now there's nothing for me to think about

I think also if one rents the property, you become exempt.

 

[appleomac]

I think also if one rents the property, you become exempt.

Doesn't really apply in my situation, unless you know of someone that wants to rent vacant land from me

 

[Mikehma]

Doesn't really apply in my situation, unless you know of someone that wants to rent vacant land from me

Can you park an RV on it?

 

[appleomac]

Can you park an RV on it?

Definitely could! But most cities (in my experience) have bylaws about that kind of stuff. Plus, I don't know how the neighbourhood would respond if I turned a vacant residential lot into an RV parking lot