What is B.C.’s Speculation and Vacancy Tax?
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by Miller Real Estate
- February 24, 2022
- British Columbia, Budget, Business, Buying Real Estate, Canada, Investing, real estate
- 0
The B.C. Speculation and Vacancy Tax is implemented by the provincial government in an effort to turn empty units into homes, discourage real estate speculation, ensure homeowners who report the majority of their household income outside of Canada pay their fair share of taxes in B.C., and ensure that revenue from this tax is used to fund further affordable housing.
More than 99% of British Columbians are exempt from this tax, but residential property owners in the taxable regions must still make a new declaration every year to receive their exemption.
Declare by March 31, 2022 to claim your exemption.
What To Know:
As a residential property owner, you must make a new declaration every year. All owners on title, including family members, must each complete a new declaration every year.
This tax is different from Vancouver’s empty homes tax, and you will need to declare for both taxes if you have a residential property in Vancouver.
The quickest way to declare or find out more information is online at gov.bc.ca/spectax
If you don’t have internet access or if you have a question about complex ownership situations, talk to a call centre agent at 1-833-554-2323
If a deceased owner remains on title, their estate may still have to complete a declaration, and if applicable, pay any tax owing.
To learn about your land title and how to do a title search, visit LTSA.ca
What You Need To Do:
- Read your declaration letter.
- Keep your letter as it contains your Letter ID and Declaration Code, you’ll need them to complete your declaration.
- Have all required personal information such as your Social Insurance Number ready. This information will help verify that you are eligible for an exemption.
- Complete your declaration online at gov.bc.ca/spectax
Deadlines:
March 31, 2022 – Declaration Deadline
July 2, 2022 – Speculation and vacancy tax due (if applicable)
July 3, 2022 – Interest begins to accrue, and penalties may be applied on any unpaid tax amount (if applicable)
