The speculation tax is about to get real. The BC government is sending letters to all property owners in affected areas with instructions on how to apply for an exemption.
Here's the deal. If you are on title for a property, you must fill out the form or the government will designate you as one of the speculators they think are driving up real estate prices. For example, commonly, husband and wife are on title. Both of you must fill out the request and you'll have to do it every year.
West Kelowna City Councillor Doug Findlater is very concerned. He says it may look like junk mail....but it's not. Findlater told the AM 1150 Early Edition that the government is about to create a huge mess. If you remember the electoral reform ballot....only 40 percent bothered to return it.
He also says, "the message for your listeners is don't ignore it when it comes in the mail, in fact look for it."
If a similar low return happens with the spec tax exemption, Findlater says a lot of people will get a nasty surprise from the tax department.