Speculation & Vacancy Tax

The BC Government is in the process of mailing out communication with regard to the new Speculation and Vacancy Tax. This tax is designed to prevent housing speculation, turn empty homes into good housing for British Columbians, and raise revenue that will go to supporting affordable housing. Exemptions are available to many homeowners. The tax for 2018 is 0.5% of the property’s assessed value for all properties subject to the tax.

Every owner on title of these properties will need to apply for exemption annually. (Even if the other owner is a spouse, a separate declaration must be made for each owner)

Remember: to claim your exemption, you must register your property by March 31, 2019.

THE PROCESS

  • A letter will be mailed to the address on file with BC Assessment.
  • The letter will have a unique declaration code and identification code.
  • You can claim your exemption by phone or online using your
    • declaration code
    • identification code
    • Social Insurance Number

WHAT DO YOU NEED TO DO?

1) Read more about the tax on this website: BC’s Speculation and Vacancy Tax

2) Visit the website for BC Assessment to create an online login to receive future communications.