Tax Experts: Tax and Bc Speculation

tax experts: Complex audits are bound to follow the submission of speculation tax declaration forms, policy and tax experts suggest, according to Vancouver Courier. The annual 2% tax against a satellite family's assessed home value is designed to bridge a policy gap that has led to tax avoidance attributable to trends in global migration and the internationalization of B.C. real estate. The province is estimating it will collect 642 million over the next four years from the newly implemented BC speculation and vacancy tax, aimed at satellite families and those who leave their secondary urban homes empty for most of the year.article continues below Trending Stories Rare sight Sea lion rips big fish apart in Fraser River in Vancouver PHOTOS No winning ticket for Friday night's 10 million Lotto Max jackpot Vancouver police officers tackle issue of women and gangsYVR Airport to have 20 new food and drink options by 2020Whether these 2019 budget estimates hold water will partly depend on what the government deems to now be the most advanced auditing processes in the country, thanks in part to a suite of new efforts to collect information on home ownership. In essence, satellite family breadwinners earn income abroad while having their families live in B.C. The household thus pays little income tax in Canada but utilizes social services, the bulk of which is paid for by such taxes. Ontario's 31,749 audits averaged 17,241 in reclaimed taxes whereas B.C.'s 6,861 audits reclaimed, on average, 45,241. This chart shows the Canada Revenue Agency's results of an augmented Ontario and B.C. real estate audit program commencing April, 2015. (www.immigrantscanada.com). As reported in the news.