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. 

B.C. residents

The tax credit for B.C. residents is automatically applied when property owners meet all of the following:

1. Residents of B.C. for income tax purposes as of December 31

2. Either:​​

   • Canadian citizens
   • Permanent residents of Canada
   • Confirmed BC Provincial Nominees

3. Not untaxed worldwide earners (a category of taxpayer that includes members of a satellite family)

For the tax years 2018 to 2025, the maximum tax credit amount is $2000. Budget 2025 proposes that, for the 2026 tax year and after, it’s $4,000. The tax credit 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.

Other owners

The tax credit for other owners is for property owners who do not meet the above criteria for B.C. residents. This includes:

• Foreign owners
• Untaxed worldwide earners (a category of taxpayer that includes members of a satellite family)
• Individuals who are not residents of B.C. for income tax purposes
• Certain corporations or trusts

The tax credit amount is based on the B.C. income balance available. 

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.