More than 80% of declarations for the speculation and vacancy tax (SVT) have been completed and of those, more than 90% were completed securely online in just a few minutes.
Over 99% of British Columbians are exempt from the SVT. Those who have not already claimed their exemption are reminded to complete their declaration before the March 31, 2019, deadline. The quickest and easiest way is to do so online: www.gov.bc.ca/spectax
All owners who have properties in areas where the SVT applies need to declare to claim their principal residence (or other) exemption for the SVT. If a property has more than one owner on title, including a spouse or family member, separate declarations must be made for each owner.
Those requiring assistance can complete their declaration over the phone via the SVT call centre at 1 833 554-2323 (toll-free Canada/U.S.) or 604 660-2421 (international) from 8 a.m. to 8 p.m., seven days a week. Service is available in multiple languages.
All residential property owners should have received a declaration letter with unique declaration and identification codes and clear instructions. If owners have not received a letter, a SVT call centre agent will be able to help them find the necessary information to complete their declaration by the deadline.
The SVT is a key part of the B.C. government’s 30-point plan to restore housing affordability in B.C. by:
- targeting foreign and domestic speculators who own homes in B.C. but do not pay tax here;
- turning empty homes into housing for people; and
- raising revenue to support affordable housing in communities where the tax applies.
For information on the speculation and vacancy tax, including taxable areas, exemptions and tax credits, and to complete a declaration: www.gov.bc.ca/spectax
Speculation and vacancy tax call centre: 1 833 554-2323 (toll free in Canada/U.S.) or 604 660-2421 (international)
Read government’s 30-point plan for housing affordability: https://bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf
Traditional Chinese: https://news.gov.bc.ca/files/IB_SVT_Declaration_Reminder_Final_2_TCH.PDF