Tax Credits for the Speculation and Vacancy Tax
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.
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.
The tax credit for B.C. residents can be claimed by property owners who are 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.
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.
Learn more about the tax credit for other owners.
The speculation and vacancy tax has received Royal assent in the Legislature. This information is not a replacement for the law.