The speculation and vacancy tax is an annual tax levied on residential property owners in B.C.’s main urban areas based on how they utilize their properties. If you own property in any of the following areas in British Columbia, you must fill out an annual declaration to inform the government of your resident status and how your property is utilized.
BC regions that can be taxed:
– Capital Regional District (CRD)
– Metro Vancouver Regional District
– City Of Abbotsford
– District Of Mission
– City Of Chilliwack
– City Of Kelowna
– City Of West Kelowna
– City Of Nanaimo
– District Of Lantzville
The speculation and vacancy tax does not apply to more than 99 percent of British Columbians. A British Columbian owner is often free from the tax if the house is their main residence.
Individual and corporate exemptions are also possible for large house renovations and life upheavals such as divorce, sickness, or lengthy absence.