What is the speculation and vacancy tax?
If you live in BC you should have recently received this years’ speculation and vacancy tax (SVT) letter. This is an annual tax requiring residential property owners in the taxable regions to complete a declaration.
What is the tax for?
The thought behind the tax is to encourage owners with empty properties in urban areas to put them back into the housing market.
What do I need to do?
Once you receive your letter in the mail follow the steps, by logging on to gov.bc.ca/spectax. Each person on title to a property needs to fill out a seperate declaration.
Make sure you have the following:
Declaration code (on the letter)
Letter ID (on the letter)
The full mailing address
Social Insurance Number (for individuals)
Business number, incorporation number and date of incorporation (for corporations)
How do I find out more information?
99% of homeowners in British Columbia will be exempt from paying the tax. CLICK HERE for the BC Government FAQ page that contains a lot of great information on the speculation and vacancy tax. You can check out the taxable areas and what the exemptions are.
Is there a way to declare other than online?
Yes you also declare by phone by calling toll free 1-833-55-2323 from 8:00AM to 8:00PM 7 days a week and they also have a translation service available.
Call Garry Voigt, your Langley Realtor at 604 789 2140 if you need more information.
