Satellite Family Definition Bc

The bc government will be collecting information from homeowners to identify families with high worldwide income known as satellite families.

Satellite family definition bc.

I am currently an alberta resident but i have owned property in bc as a vacation home since 2006. An individual s income is combined with their spouse s income for. A so called satellite family from china involved in immigration fraud who bought a multimillion dollar mansion in west vancouver after immigrating to canada through the quebec investor program are to be deported after a judge threw out the judicial review of their removal order. These satellite families will not be eligible for principal residence exemption from the speculation tax.

A satellite family is where a member of the family lives in bc but does not pay bc income taxes. Rates for 2019 and onwards will be 2 for foreign investors and what the government refers to as satellite families see the term s description below 1 for canadian citizens and permanent residents who do not live full time in bc and 0 5 for british columbians who are canadian citizens or permanent residents and not members of a. I am caught in the tax below as a satellite family except that we are a canadian satellite family not what the term generally means in the bc real estate world i e. I consider the okanagan home.

Wealthy investors from outside the country. Untaxed worldwide earner satellite family an untaxed worldwide earner also known as a member of a satellite family is an individual whose unreported in canada income income not taxed in canada is greater than their reported in canada income income taxed in canada. A satellite family is defined as afamily where less than 50 of the combined household income is taxed in canada on canadian income tax returns of course. What is the definition of a satellite family.

As an example you may have a resident spouse and perhaps a non resident spouse and the non resident individual is the main income earner in the family. A satellite family has been defined so far as one with a high worldwide income but low bc income. For example a family member living in bc with an income earning spouse residing outside of bc. To help bc taxpayers a non refundable tax credit of 2 000 00 will be applied directly to the spec tax bill.

0 5 for canadian citizens and permanent residents who live in bc who are not a.