If you own property in BC, there are two taxes you should be aware of : the Vancouver Empty Homes Tax  and the BC Speculation and Vacancy Tax.

The thing is, not everyone realizes that these 2 types of tax aren’t just two names for the same tax. They’re separate, and each one requires property owners to complete an annual declaration.

BC Speculation & Vacancy Tax

Tax by: The Provincial Government of British Columbia (BC)

Who should be aware: Owner of Residential Property in BC, (including City of Vancouver)

How Much it Cost: 0.5% of the previous year’s assessed property value for Canadian citizens, and 2% for foreign owners and satellite families (households who earn over 50% of their income from outside of Canada).

Why you should care: Explicit Opt-Out is required annually.

Exception: There are also some specific regions that aren’t subject to the tax, (Click here).

What should I do if the Empty Home Tax and
Speculation & Vacancy Tax applies to me?

• Be a landlord and rent your property
• Hire a liciensed Property Manager (e.g. RentalPropertyManagers.ca) to rent your property
• Invite a friend/family member to occupy your property as their principle residence
• Occupy the property as your principle residence for at least 6 months during a year
• Keep your property and pay the Empty Homes Tax
• Always consult your Accountant for professional advices.