Only those owning property classed as residential and located in a designated taxable region in B.C. must complete a declaration for the speculation and vacancy tax.
Following are the designated taxable regions, including maps for each region. The maps are for your convenience only. Refer to the legislation for details.
Reserve lands, treaty lands and lands of self-governing Indigenous Nations are not part of the taxable regions.
Islands that are accessible only by air or water are not part of the taxable regions, except for Vancouver Island.
Some residential properties are excluded from the speculation and vacancy tax even though they are located within a taxable region. These include residential properties owned by:
- An Indigenous Nation
- Municipalities, regional districts, governments and other public bodies
- Registered charities
- Housing co-ops
- Certain not-for-profit organizations
You can also refer to the legislation for a list of exclusions.
If your residential property is excluded for one of these reasons, you only need to complete a declaration if you have received a declaration letter.
The speculation and vacancy tax has received Royal assent in the Legislature. This information is not a replacement for the law.
For 2018, the tax rate is:
- 0.5% of the property’s assessed value for all properties subject to the tax
For 2019 and subsequent years, the tax rate is:
- 2% for foreign owners and satellite families
- 0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
The speculation and vacancy tax applies based on ownership as of December 31 each year.
A speculation and vacancy tax year is the same as a calendar year. Tax levied on December 31 is due the following July. For example, for a property owned as of December 31, 2018, the 2018 tax rate of 0.5% applies and the tax is due on July 2, 2019.
The speculation and vacancy tax has received Royal assent in the Legislature. This information is not a replacement for the law.