What Is the Speculation and Vacancy Tax in BC and Who Has to Declare?
This answer covers the law of British Columbia.
If you own residential property in a designated taxable area of British Columbia, you must declare every year, even if nothing has changed. You use the Letter ID and Declaration Code in your declaration letter. The tax applies in 59 communities.
Declarations are due March 31, and the tax is due the first business day of July, which is July 2 in 2026. From the 2026 tax year, the rate is 3% for foreign owners and owners with most income unreported in Canada, up from 2%, and 1% for Canadian citizens and permanent residents with empty or underused homes, up from 0.5%. The B.C. resident tax credit rises from $2,000 to $4,000.
Some owners are always exempt and do not need to declare, including Indigenous Nations and their corporations, registered charities, housing co-ops, municipalities, regional districts and other governments and public bodies, and Crown corporations. Other owners may qualify for exemptions for individuals, land under development, or corporations and trustees, or for the tax credit. Whether you qualify depends on your facts, so confirm with a lawyer or accountant.
Key takeaways
- If you own residential property in a designated taxable area, you must declare every year, even if nothing has changed.
- Declarations are due March 31, and the tax is due the first business day of July.
- From the 2026 tax year the rates are 3% for foreign owners and owners with most income unreported in Canada, and 1% for Canadian citizens and permanent residents with empty or underused homes.
- Some owners, such as registered charities, housing co-ops and governments, are always exempt, while others may qualify for exemptions or the tax credit.