Glossary · Taxes and government
Speculation and vacancy tax
BC's speculation and vacancy tax is an annual tax on residential property in designated areas, including North and West Vancouver, that's left empty or owned by people who don't pay most of their income tax in Canada.
Every owner in a designated area must file a declaration each year, even if they're exempt, as most owners who live in the home or rent it out long-term are. Missing the declaration can trigger a tax bill. Rates and exemptions are set by the province.
Related terms
General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
