Temporary speculation and vacancy tax (SVT) exemption - update

Temporary speculation and vacancy tax (SVT) exemption for property having rental restrictions phased out for 2022 tax year


Source:
Public Information and Corporate Services Branch
Revenue Division, Ministry of Finance

The following information applies to owners of residential properties that are located in a designated speculation and vacancy tax region.

What you need to know:

The temporary property with rental restrictions exemption for the SVT will phase out at the end of the 2021 declaration period. The exemption will not be available for the 2022 declaration period that will start January 2023.
This temporary exemption was originally put into place for four years to give strata owners time to work with their strata to change their rental restrictions, rent their strata property, sell their strata property or use their strata property as a principal residence.

What does this mean:

Property owners may still be eligible for an exemption from the SVT. Go to SPECTAX for information on exemptions.
If the owner is not eligible for an exemption they will be liable for the tax.
The tax rate varies based on whether the owner is a Canadian citizen or permanent resident of Canada, or a satellite family.
The SVT tax rate is:

2% for foreign owners and satellite families
0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family

If you have questions about your property and this exemption, you can call us at:

1-833-554-2323 toll-free
1-604-660-2421 if you’re outside North America
711 across B.C. for Telephone Device for the Deaf (TDD) services for the hearing impaired

Agents are available to take your call from 8:00am to 5:00pm Pacific Standard Time, Monday to Friday.

TDD service hours are 8:00am to 5:00pm Pacific Standard Time, Monday to Friday.


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