Speculation and Vacancy Tax
If you own property in Vancouver, you’ll receive a letter for the speculation and vacancy tax, which is separate from Vancouver’s empty homes tax. You must declare for both taxes.
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.
Translation services are available in most languages. Call us for help in your language.
Les services de traduction sont disponibles dans la plupart des langues. Appelez-nous pour obtenir de l'aide dans votre langue.
ਅਨੁਵਾਦ ਸੇਵਾਵਾਂ ਬਹੁਤ ਭਾਸ਼ਾਵਾਂ ਵਿੱਚ ਉਪਲੱਬਧ ਹਨ। ਆਪਣੀ ਭਾਸ਼ਾ ਵਿੱਚ ਮਦਦ ਲਈ ਸਾਨੂੰ ਫੋਨ ਕਰੋ।
Ang mga serbisyo sa pagsasalin ng wika ay makukuha sa karamihang wika. Tumawag sa amin para sa tulong sa inyong wika.
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.
Over 99% of British Columbians are exempt from the speculation and vacancy tax. Generally, an owner is exempt from the tax if the home is their principal residence.
Exemptions for individuals and corporations are also available for circumstances such as major home renovations and life events such as divorce, hospitalization, or extended absence.
The speculation and vacancy tax is due on the first business day in July (July 2 in 2020). 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.