Annual Speculation & Vacancy Tax aim to convert vacant homes into housing for residents in British Columbia. It ensures fair contributions to the provincial tax system from foreign owners and those primarily earning income abroad.
* How property owners utilize their residential property.
* The property owner's residency status.
* Where property owners earn and report their income.
The revenue collected supports affordable housing in applicable areas.
This tax differs from Vancouver’s empty homes tax and the Government of Canada's Underused Housing Tax.
Your declaration is due on March 31 of each year. Failure to declare necessitates payment at the maximum rate of 2 percent of your property's assessed value.
* Receive your declaration letter mid-January to mid-February.
* Declare by March 31.
* Report property usage for the previous year. Use income from the year before last year, if asked, as the most recent income tax return data won't be available.
* Payment Due: The first business day in July.
* Pay tax owed. A 10 percent penalty, plus interest, applies to overdue balances.
All city of Vancouver homeowners must submit a declaration annually to determine if their property is subject to the Empty Homes Tax.
For example, If your property is deemed or declared empty during the 2023 reference year, you will incur a tax of 3% of the property’s 2023 assessed taxable value.
* Jan 1 - Dec 31, 2023: Vacancy reference period
* Feb 2, 2024: Declaration deadline
* July 3, 2025: Final deadline without penalty
* Declarations must be filed separately for each tax.
* You may be exempt from one tax but still liable for the other as the rules and how they apply differs.
