Tax credits for the speculation and vacancy tax
If you are not 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.
There are two tax credits that are available for the speculation and vacancy tax:
- Tax credit for B.C. residents
- Tax credit for other owners
Both tax credits are non-refundable and cannot be applied to amounts you owe from other years.
The tax credit for B.C. residents is automatically applied when property owners meet all of the following:
Residents of B.C. for income tax purposes as of December 31
- Canadian citizens
- Permanent residents of Canada
- Confirmed BC Provincial Nominees
Not members of a satellite family
The maximum tax credit amount is $2,000, which can be applied to one or more properties each year if all qualifications are met.
If you qualify, you do not need to apply for the B.C. resident tax credit. When you receive your Notice of Assessment, the credit applicable to your property has been automatically applied to any balance owing.
Learn more about the tax credit for B.C. residents.
The tax credit for other owners is for property owners who don’t meet the above criteria for B.C. residents. This includes:
- Foreign owners
- Members of a satellite family
- Individuals who aren't residents of B.C. for income tax purposes
- Certain corporations or trusts
The tax credit amount is based on the B.C. income reported to the Canada Revenue Agency.
The B.C. tax credit for other owners is not automatically applied to your balance owing. It is a self-directed application process through eTaxBC. You will need copies of your Canada Revenue Agency Notices of Assessment, which confirm that you have reported B.C. income on a Canadian federal income tax return, for the years that apply.
Note: We are unable to process applications for the tax credit for other owners unless there is an outstanding balance on your account. Once you receive a Notice of Assessment, with your balance owing, you can visit eTaxBC to complete your application.
Learn more about the tax credit for other owners.
This information is provided for your convenience and guidance and is not a replacement for the legislation.