British Columbia speculation and vacancy tax（BC SVT）

The Speculation and Vacancy Tax aims to convert vacant homes into residences for British Columbia residents and ensure that foreign owners and owners whose primary income comes from abroad make a fair contribution to British Columbia's tax system.

This tax is an annual tax, and it is levied based on the following:

• How homeowners use their residential properties
• Residential status of property owners
• Where do homeowners earn and declare their income?

The following are 13 newly added taxable areas for the 2024 tax year, expanding the SVT to 59 communities. Residential property owners in these newly added areas will file their first returns in January 2025 after receiving their filing letters :

• Courtney
• Kamloops
• Parksville
• Penticton
• Salmonam
• Vernon*
• Koldstrim District
• Lake Township
• Picchilan District
• Summerland District
• Comox Town
• Qualican Beach Town
• Cumberland Village

Vacancy tax rate

• According to the 2025 BC budget (which will take effect in 2026), tax rates will increase: BC residents will see a rise to 1% ; foreign homeowners/satellite households will see a rise to 3% .

• There are also many exemptions and tax credits, such as a maximum tax credit of $2,000 for BC residents (which will increase to $4,000 after 2026).

If parents and adult children jointly own a house, and the adult children live in the house while the parents live elsewhere, the following exemptions may apply;

• The child applied for a principal residence exemption.
• The parents claimed that their rental relationship met the exemption criteria for family members or other unrelated persons.

Vacancy discount

If you qualify for the BC Resident Tax Credit, the credit will be automatically credited to your account without requiring a separate application.

From the 2026 tax year onwards, you can receive a tax credit of up to $4,000.

For the 2025 tax year and prior years, you can receive a tax credit of up to $2,000.

If you qualify, you can claim a tax credit for one or more properties each year. The credit amount is calculated based on your ownership percentage, with the maximum amount depending on the year.

To receive the BC Resident Tax Credit, you must file a return and meet all of the following conditions:

1. As of December 31, you are a resident of British Columbia and are eligible to file an income tax return.

2. You fall into one of the following categories:

• Canadian citizens
• Permanent Residents
• Confirmed British Columbia nominees

3. You are not a global tax-exempt income earner (such taxpayers include satellite family members).