What?s New in Speculation and Vacancy Tax

Updates to speculation and vacancy tax information are posted here.

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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