Princess Pan RE/MAX Crest Realty Westside

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Speculation and Vacancy Tax Information Update



The speculation and vacancy tax website has been updated to:


- Clarify that spouses declare as individuals not as a partnership
- Clarify how the 10-year period applies in the away from home for other reasons principal residence exemption
- Clarify exemptions, including the secondary residence exemptions, previous residence exemption, and away from home for any other reasons
- Clarify details about the exemption for spouses who are separated or divorced

The government announced it intends to introduce new speculation and vacancy tax exemptions for:

- Canadian Armed Forces members and their spouses, where the military member is away from B.C. due to service requirements
- Homeowners whose property can only be accessed by water

The government also intends a longer phase-out for these temporary exemptions:

- The exemption for rental restricted stratas will now end December 31, 2021
- The exemption for strata accommodation properties will now end December 31, 2020
- The exemption for vacant land will end December 31, 2019

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