Before you declare, check if your property is in a speculation and vacancy tax area.
Use our interactive map to locate your property.
Speculation and vacancy tax
The speculation and vacancy tax is an annual tax based on how owners use residential properties in areas in B.C. affected most by the current housing shortage crisis.
You can declare as soon as you receive your declaration letter. It includes your Letter ID and Declaration Code, which can be found at the top right corner of your letter.
It only takes a few minutes to declare online. It's faster than calling and your information will be safe and secure.
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When to expect your letter
You cannot declare until you get your letter. Find out when to expect your letter.
How to declare
Find out what you need to complete your declaration for the speculation and vacancy tax.
Services and information topics
How the tax works
The speculation and vacancy tax is designed to turn vacant homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to B.C.’s tax system.
How to declare
Residential property owners in the designated taxable areas declare every year for the speculation and vacancy tax, even if there is no change to your information. You must complete your declaration by March 31.
Exemptions
Residential property owners within designated taxable areas of B.C. may be eligible for an exemption from the speculation and vacancy tax.
Tax credits
If you are not eligible for any of the speculation and vacancy tax exemptions, you may be eligible for a tax credit to reduce the amount of tax you have to pay.
How to pay
The speculation and vacancy tax is due on the first business day in July (July 2 in 2024).
However, you can pay the tax any time after you receive a Notice of Assessment in the mail, which will show the amount of speculation and vacancy tax you owe, including penalties and interest, if applicable.
Assessments and appeals
When we determine you owe an amount under the speculation and vacancy tax, we send you a notice detailing the amount owing and how to pay it. This may happen as a result of your declaration or from an audit. If you received a Notice of Assessment for the speculation and vacancy tax and believe an error was made you have several options to get help.
Audit
Anyone who has declared for the speculation and vacancy tax may be audited.
Audits are routinely conducted to ensure:
- Exemptions and tax credits have been claimed correctly
- Taxes have been paid correctly
Frequently asked questions
Find the answers to your questions about the speculation and vacancy tax.
Forms
Depending on your circumstance, you may need to submit certain forms with your declaration.
Translation services
The bigger picture
The speculation and vacancy tax is one of many initiatives to make housing more affordable for people in B.C.
Learn more about government's comprehensive housing plan and our progress in tackling the housing crisis to deliver affordable homes for British Columbians.
Year 5 results
In the fifth year (2022 tax year) of the speculation and vacancy tax:
- More than $81 million will help fund affordable housing projects where the tax applies
- 83% of the revenue comes from foreign owners, untaxed worldwide earners, Canadians living outside B.C. and "other" non-B.C. resident owners
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