You are in the right place to discover if you are a satellite family for British Columbia real estate property ownership and applicable tax reasons. As a member of a satellite family, you may also qualify for tax exemptions that may be available to you when filling out your annual declaration.
Each member of the ownership can claim exemptions they qualify for and those exemptions generally fall into residential properties in these three main categories:
In 2018, British Columbia announced The Speculation Tax and Vacancy Tax and it also took effect in 2018. So, in this post we’ll look at the purpose of the tax, properties to which the tax applies, and more.
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