What is the Speculation and Vacancy Tax ?
The speculation and vacancy tax is a key measure to tackle the housing crisis in major urban centres in British Columbia. This new annual tax will help make sure that people who earn the majority of their income outside BC contribute their fair share of taxes. It will discourage foreign buyers from using homes in BC as a way to turn a profit – a practice that has driven the cost of housing way up.
The tax also encourages owners to rent or sell empty homes, so more housing will be available for people who need it.
Am I exempt ?
The vast majority of British Columbians, over 99%, are exempt from the speculation and vacancy tax. BC residents who live in their principal residences, and owners of properties with tenants, are generally exempt. However, you must register by March 31st, 2019 to claim your exemption.
How to do I claim my exemption ?
To claim your exemption you must register by completing a declaration online (gov.bc.ca/spectax) or by phone (1-833-554-2323).
You will need:
- Declaration Code (found on the letter sent to by the BC Government)
- Letter ID (found on the letter sent to you by the BC Government)
- Full Property Address
- Your Social Insurance Number (SIN)
If declaring your exemption by phone, you can call between 8:00 am and 8:00 pm PST 7 days a week.