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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.

Vancouver Empty Homes Tax

Tax by: The Government of City of Vancouver

Who should be aware: Owner of Residential Property in City of Vancouver

How Much it Cost: Empty properties are subject to 1% tax of the property’s assessed taxable value.

Why you should care: Declaration is required annually. If your property is empty and you don’t live in it, this tax will apply to you – except you have tenants at least six months of the year.

Exception: There are several exceptions for those who own empty homes (Click here).

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 licensed 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 advice.