Residential property owners in the designated taxable areas declare every year for the speculation and vacancy tax, even if there is no change to your information. You must complete your declaration by March 31.
The Speculation and Vacancy Tax (SVT) in British Columbia is aimed at encouraging property owners to make their residential properties available for rent, thereby increasing housing availability in urban areas. If you own residential property in designated taxable regions, it's crucial to understand the declaration process to ensure compliance and avoid unnecessary penalties.
Key Dates for the 2024 Tax Year:
January 20, 2025: Declaration period opens.
March 31, 2025: Declaration deadline.
April 2025: Most tax notices are mailed.
July 2, 2025: Tax payment due date.
Steps to Declare for the Speculation and Vacancy Tax:
1. Receive Your Declaration Letter:
In January or February, you'll receive a declaration letter at the mailing address associated with your property. This letter contains your Letter ID and Declaration Code, essential for the declaration process. Ensure your mailing address is current with BC Assessment to receive this letter promptly.
2. Prepare Necessary Information:
Have your Social Insurance Number (SIN) ready. This is used to verify your identity during the declaration.
3. Complete the Declaration:
Online: Visit the official SVT declaration website and use your Letter ID and Declaration Code to access the declaration form.
Phone: If online declaration isn't feasible, contact the SVT helpline for assistance. Translation services are available if needed.
4. Declare for Each Owner:
Each individual listed on the property's title must submit a separate declaration, even if they are family members or spouses.
5. Await Confirmation:
After submission, you'll receive confirmation of your declaration. Retain this for your records.
Corporations, Trusts and Business Partnerships
Declaring for corporations follows a similar process as for individuals. The process is also similar for an owner representing a trust or business partnership.
You’ll receive your declaration letter the same as individuals, but you’ll need to provide more information.
Before you declare, be prepared with:
- Your declaration letter
- Your business number, if you have one
- Your incorporation number and date of incorporation number, if applicable
- The names, birthdates, country of residence and Social Insurance Numbers for all corporate interest holders, beneficial owners and partnership interest holders
Frequently Asked Questions (FAQs):
Q: What if I didn't receive a declaration letter?
A: If you own property in a taxable area and haven't received your letter by late February, contact the SVT office to request your Letter ID and Declaration Code.
Q: Am I required to declare if my property is exempt?
A: Yes, all property owners in designated areas must declare annually, even if they qualify for an exemption. Failing to declare may result in being charged the tax at the maximum rate.
Q: What happens if I miss the March 31 declaration deadline?
A: Missing the deadline means you'll receive a tax notice. However, late declarations may still be assessed; contact the SVT office promptly if you've missed the deadline.
Q: Is the SVT the same as Vancouver's Empty Homes Tax?
A: No, the SVT is distinct from Vancouver's Empty Homes Tax and the federal Underused Housing Tax. Property owners in Vancouver must comply with each tax's separate requirements and declaration processes.
(Vancouver’s Empty Homes Tax, the Government of Canada's Underused Housing Tax and the Home Owner Grant Program are different from the speculation and vacancy tax. Ensure you know the requirements for these taxes and programs.)
Q: How can I pay the Speculation and Vacancy Tax?
A: Payments can be made through your bank or financial institution via online banking, wire transfer, or electronic funds transfer. Ensure payments are processed by the due date to avoid penalties.
For detailed information, assistance, or to declare online, visit the official British Columbia government website dedicated to the Speculation and Vacancy Tax. This information is provided for your convenience and guidance and is not a replacement for the legislation.