Check if these Tax Exemptions Apply to You: Speculation and Vacancy Tax in British Columbia

Did you know that more than 99% of homeowners from British Columbia are exempt from speculation and vacancy tax? Those who own residential property are potentially eligible to be exempt from the speculation and vacancy tax.

Annual declarations are required of all property owners. Even if your home is vacant, you are still eligible to be exempt from speculation and vacancy taxes! Check the list on the linked website below to determine whether or not you are eligible to be exempt.

Are you interested in this? Remember that you still must declare to be exempt. To claim your exemption, declare by March 31, 2024. This can be done securely and efficiently online (gov.bc.ca/spectax).

Once you have finished filing a speculation and vacancy tax declaration, print the summary by clicking on the “Declaration Summary” button in the bottom right-hand corner (see image below). This is important as you should have a physical record of it.

For more information, visit the B.C. government website at: https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals#previous-principal-residence.