Time to complete your speculation and vacancy tax declarationSynergy Mortgage
[Real Estate Board of Greater Vancouver – February 22, 2021]
Residential property owners in communities where the speculation and vacancy tax (SVT) applies will soon receive their declaration package and can complete it online at: https://gov.bc.ca/spectax
All owners on the title, including spouses and relatives, must complete a declaration to claim an exemption or determine eligibility for a tax credit.
Corporations must also complete a declaration for all residential properties in taxable regions.
The deadline to complete a declaration is March 31.
Property owners needing help can:
- phone 833-554-2323 (toll-free in Canada and the US) or 604-660-2421 (international), 8 am to 8 pm (Pacific time). Service is available in multiple languages; or
- email: SpecTaxInfo@gov.bc.ca
The provincial government advises that more than 99.9 per cent of British Columbians are exempt from paying the tax, but residential property owners in the taxable regions have to declare.
Owners not exempt must pay their assessed amount by July 2 or face a penalty.
The dates jurisdictions will start receiving SVT packages are:
- Jan. 19: Surrey, interprovincial, international
- Jan. 22: Delta
- Jan. 25: Abbotsford, Chilliwack
- Jan. 26: Aldergrove, Pitt Meadows and Mission
- Jan. 27: Maple Ridge, Port Coquitlam, Port Moody, Coquitlam
- Jan. 29: Langley, Richmond
- Feb. 2: Anmore, New Westminster, West Vancouver, White Rock
- Feb. 3: Burnaby
- Feb. 4: North Vancouver
- Feb. 5: Kelowna
- Feb. 8: West Kelowna, Nanaimo, Lantzville, North Saanich
- Feb. 9: Sooke, Victoria
- Feb. 11: Brentwood Bay, Esquimalt, Saanichton, Sidney
- Feb. 12: Vancouver
Who pays the tax?
More than 99 per cent of British Columbians are exempt from the tax.
The majority of tax revenue based on received declarations comes from foreign owners and satellite families ($ million)