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.

This tax is an annual tax that applies based on:

• How property owners use their residential property
• The property owner’s residency status
• Where property owners earn and report their income
• 99% of British Columbians are exempt but YOU still need to apply

The speculation and vacancy tax has an annual declaration process and is administered by using data from partner agencies.

This tax is also different from Vancouver’s empty home’s tax

Annual Declaration Process

Registered owners of residential property in a designated taxable region must complete a declaration each year to declare their residency status and how their property has been used.

You have to declare each year because your circumstances may change during the year.

Declaration timeline

• Receive your declaration letter mid-January to mid-February
• Declare by March 31You declare how you used your property last year. If asked about your income, use income from the year before last year.
• If you owe tax, pay by the first business day in July

Why Everyone Must Declare

If a property has more than one owner, a separate declaration must be made for each owner, even if the other owner is your spouse or relative. 

Because this tax is based on how each owner uses the property and whether they have foreign income, we need each owner on title to declare separately.