Declarations due for Vancouver empty homes; BC Spec and Vacancy Tax
Vancouver’s Empty Homes Tax
If a property is co-owned, only one owner is required to declare.
A $250 bylaw fine will apply to declarations received after this due date.
For vacant properties, the tax rate is three per cent of its 2021 assessed taxable value. This rate has increased from 1.25 per cent in 2020.
BC Speculation and Vacancy Tax
Letters will be mailed in January and February 2022. Declarations are due March 31, 2022.
- January 19, 2022 – declaration period opens
- March 31, 2022 – declaration due
- April-May 2022 – most tax notices mailed
- July 4, 2022 – tax payment due
Unless a property owner has an exemption, the tax rate is:
- 2% for foreign owners and satellite families
- 0.5% for British Columbians, and other Canadian citizens or permanent residents, who are not members of a satellite family
BC owners are eligible for a tax credit of up to $2,000 on secondary properties to offset their tax payable.
If a residential property has multiple owners, the tax is divided among each owner based on their ownership share.
The tax applies to these taxable regions.