Speculation and vacancy tax
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The speculation and vacancy tax is an annual tax based on how owners use residential properties in areas in B.C. affected most by the current housing shortage crisis.
The B.C. government announced the expansion of areas where the speculation and vacancy tax applies. Owners in these areas will need to declare by March 31, 2024. See taxable areas for specific municipalities and regions.
Find out more about how the speculation and vacancy tax applies to you.
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ਅਨੁਵਾਦ ਸੇਵਾਵਾਂ ਬਹੁਤ ਭਾਸ਼ਾਵਾਂ ਵਿੱਚ ਉਪਲੱਬਧ ਹਨ। ਆਪਣੀ ਭਾਸ਼ਾ ਵਿੱਚ ਮਦਦ ਲਈ ਸਾਨੂੰ ਫੋਨ ਕਰੋ।
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You can declare as soon as you receive your declaration letter. It includes your Letter ID and Declaration Code, which can be found at the top right corner of your letter.
Find out when to expect your letter.
It only takes a few minutes to declare online. It's faster than calling and your information will be safe and secure.
The speculation and vacancy tax is designed to turn vacant homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to B.C.’s tax system.
Residential property owners in the designated taxable areas declare every year for the speculation and vacancy tax, even if there is no change to your information. You must complete your declaration by March 31.
Over 99 percent of people in British Columbia are exempt from the speculation and vacancy tax. Generally, an owner is exempt from the tax if the home is their principal residence.
The speculation and vacancy tax is due on the first business day in July (July 4 in 2023). 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 only if you owe the tax.
When we determine you owe an amount under the speculation and vacancy tax, we send you a notice detailing the amount owing and how to pay it. This may happen as a result of your declaration or from an audit. If you received a Notice of Assessment for the speculation and vacancy tax and believe an error was made you have several options to get help.
Anyone who has to declare for the speculation and vacancy tax may be audited.
Audits are routinely conducted to ensure:
- Exemptions and tax credits have been claimed correctly
- Taxes have been paid correctly
Find the answers to your questions about the speculation and vacancy tax.