Speculation and vacancy tax
Did you know it only takes a few minutes to complete your declaration online? It’s faster than calling and we make sure your information is safe and secure.
Declaration letters for the 2020 speculation and vacancy tax year have been mailed. Check mailing dates for your area. If you haven’t received your letter yet, contact us.
The speculation and vacancy tax is an annual tax based on how owners use residential properties in major urban areas in B.C.
Everyone deserves an affordable place to call home, yet house prices and rent have skyrocketed out of reach for too many people. The provincial government is taking action to address this crisis through the annual speculation and vacancy tax, which will contribute towards:
- Turning empty homes into good housing for people who live and work in B.C.
- Supporting affordable housing initiatives
Find out more about how the speculation and vacancy tax applies to you.
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How the tax works
The speculation and vacancy tax is designed to turn empty homes into housing for British Columbians, and ensure foreign owners and those with primarily foreign income contribute fairly to B.C.’s tax system.
How to declare
Residential property owners in the designated taxable regions must complete an annual declaration for the speculation and vacancy tax.
Exemptions
Over 99% of British Columbians are exempt from the speculation and vacancy tax. Generally, a British Columbian owner is exempt from the tax if the home is their principal residence.
Tax credits
If you aren’t eligible for any of the speculation and vacancy tax exemptions, you may be eligible for a tax credit to reduce the amount of tax you have to pay.
How to pay
The speculation and vacancy tax is due on the first business day in July (July 2 in 2021). However, you can pay the tax anytime after you receive a Notice of Assessment in the mail, which will show the amount of speculation and vacancy tax you owe.
After you declare, a Notice of Assessment will be generated and mailed to you if you owe the tax.
Assessments
When we determine you owe an amount under the speculation and vacancy tax, we send you a notice detailing the amount owing and how to pay it. This may happen as a result of your declaration or from an audit. If you received a Notice of Assessment for the speculation and vacancy tax and believe an error was made you have several options to get help.
Audit
Anyone who has to declare for the speculation and vacancy tax may be audited.
Audits are routinely conducted to ensure:
- Exemptions and tax credits have been claimed correctly
- Taxes have been paid correctly
Frequently asked questions
Read the answers to questions about the speculation and vacancy tax, including the exemptions you may be eligible for and how to declare and pay the tax.
Forms
Depending on your circumstance, you may need to submit certain forms with your declaration.
