Reminder: Speculation and Vacancy Tax Declaration Deadline March 31, 2025
Posted on
The Province continues to take action fighting real estate speculation by turning more empty units into homes for people. In January 2025, the Province will mail owners of residential properties in 59 communities where the tax applies instructing them to file their declaration before the March 31, 2025, deadline. This includes owners in Cumberland and 12 other communities who will declare for the first time in 2025.
The tax is intended to reduce the number of houses sitting vacant in a community and turn them into housing for people in British Columbia. It is also to ensure foreign owners and those with primarily foreign income contribute fairly to B.C.’s tax system.
This tax is an annual tax that applies based on:
– How property owners use their residential property
– The property owner’s residency status
– Where property owners earn and report their income
Since 2018, more than $313 million was raised to go back into affordable housing in regional districts where the Speculation and Vacancy Tax is applied. New data shows that the speculation and vacancy tax (SVT) helped turn more empty units into homes in 2023.
Wondering what to do when you receive the SVT notice? For more information on how to declare please click here
Please be advised that EACH OWNER ON TITLE NEEDS TO COMPLETE A DECLARATION.
To read the latest from the BC Government regarding the Speculation and Vacancy Tax, please click here.
Search again