What is the speculation and vacancy tax?

The speculation and vacancy tax is an annual tax paid by some owners of residential properties in designated taxable areas of B.C.
The tax is designed to discourage housing speculation and people from leaving homes vacant in designated areas of B.C. More than 99 percent of people in British Columbia are exempt from the tax.
Residential property owners in the taxable areas who receive a declaration letter must complete a declaration before March 31 every year, even if they’re eligible for an exemption.
Note: The speculation and vacancy tax is a separate and distinct tax from the empty homes tax in the City of Vancouver and the Government of Canada’s underused housing tax.
Where does the speculation and vacancy tax apply?
The tax applies to designated areas in B.C. See Taxable areas.
Does everyone have to complete a declaration?
If you do not own residential property in a designated taxable area, you do not need to complete a declaration. See Taxable areas.
I never needed to declare for the speculation and vacancy tax before, but I heard new areas are being added. When does this start?
The B.C. government announced the expansion of areas where the speculation and vacancy tax applies, beginning in the 2023 tax year (declarations for the expanded areas will begin January 2024). See Taxable areas.
Exemptions may apply, including principal residence exemptions and tenancy exemptions. Read the full list of exemptions and exclusions.
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I have lived here for my entire life, and I do not own any other properties. Why do I have to declare every year?
You need to declare every year because homeownership circumstances can change over time.
For example, you may have experienced a life event that could impact whether you are eligible for exemption, such as:
A change in marital status
The death of a co-owner
A change to where you file income taxes
By declaring every year, you can make sure you are receiving the correct exemption for your situation.
If my home is in a designated taxable area, will I have to pay the speculation and vacancy tax?
Over 99 percent of people in British Columbia are likely exempt from paying the tax if they either live in their home as their principal residence or rent out their property for at least six months of the year.
You may also be eligible for other exemptions. Read the full list of exemptions and exclusions.
If you’re not exempt, you’ll receive a tax notice with the amount you owe.
Completing your declaration
How do I complete my declaration for the speculation and vacancy tax?
If you own residential property in a designated taxable area, the Province will send you a speculation and vacancy tax declaration letter telling you how to complete your declaration. In some circumstances when you own multiple properties, you may receive separate declaration letters.
Learn about when to expect your speculation and vacancy tax letter.
What do I need to complete my declaration?
See How to declare for the speculation and vacancy tax to learn what information you need to complete your declaration.
If you’re completing a declaration on behalf of someone else, see Special circumstances with the speculation and vacancy tax.
I did not receive a declaration letter. Does this mean I do not need to declare?
Residential property owners in the taxable areas who receive a declaration letter must complete it before March 31 every year, even if they’re eligible for an exemption.
If you believe you should have received a declaration letter because you are in a taxable area, contact us for additional assistance.
Make sure your mailing address is up to date with BC Assessment and the Land Title and Survey Authority of B.C. (LTSA). See When to expect your speculation and vacancy tax letter.
Note: The speculation and vacancy tax is a separate and distinct tax from the empty homes tax in the City of Vancouver and the Government of Canada’s underused housing tax…
Source: www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax