- Target foreign and domestic speculators who own residences in B.C. but don\u2019t pay taxes here<\/li>
- Turn empty homes into good housing for people<\/li>
- Raise revenue that will directly support affordable housing<\/li><\/ul>\n\n\n
All owners of residential property in the designated taxable regions of B.C.<\/a><\/span> must complete an annual declaration<\/a>.<\/span> Over 99% of British Columbians are estimated to be exempt from the tax.<\/p>\n\n\n
![\"\"](\"https:\/\/schreders.ca\/wp-content\/uploads\/2019\/02\/schreder-brothers-real-estate-BC-speculation-and-vacancy-tax-young-couple.jpg\")
<\/figure><\/div>\n\n\n\nHow to Exempt Yourself<\/h2>\n\n\n\n
To claim your exemption, you must\nregister your property by March 31, 2019 \u2013 and it\u2019s easy to do, either by phone\nor online. The information you\u2019ll need to register your property declaration\nwill be mailed by mid-February to all owners of residential property within the\ntaxable regions. <\/p>\n\n\n\n
Follow these steps to claim your\nexemption:<\/h3>\n\n\n\n
- Read declaration letter<\/li>
- Keep your letter ID and declaration code from the letter handy \u2013 you\u2019ll need them to complete your declaration<\/li>
- Have your social insurance number on hand \u2013 you\u2019ll need this to verify your identity and complete your declaration<\/li>
- Register your declaration \u2013 the easiest way to do this is by visiting gov.bc.ca\/spectax or by calling 1-833-554-2323<\/li><\/ol>\n\n\n\n
Please note that if your property has more than one owner, even if the other owner is your spouse, a separate declaration must be made for each owner.
<\/p>\n\n\n\n![\"\"](\"https:\/\/schreders.ca\/wp-content\/uploads\/2019\/02\/schreder-brothers-real-estate-BC-speculation-and-vacancy-tax-calculator.jpg\")
<\/figure><\/div>\n\n\n\nHow the Tax Will Be Charged If You’re Not Exempt<\/h2>\n\n\n
The speculation and vacancy tax rate<\/a><\/span> varies depending on the owner\u2019s tax residency and whether the owner is a Canadian citizen or permanent resident of Canada, or a member of a satellite family<\/a><\/span>.<\/p>\n\n\n
By levying the highest tax rate on\nforeign owners and satellite families (those who earn a majority of income\noutside the province and pay little to no income tax in B.C.), the speculation\nand vacancy tax is a way to make sure these property owners are paying their\nfair share in taxes.<\/p>\n\n\n\n
The speculation and vacancy tax will be applied based on ownership as of December 31<\/strong> each year.<\/p>\n\n\n\n