2021 BC Residential Real Estate Tax Update
The Vancouver Empty Homes Tax declaration is due Tuesday February 2nd 2021
Every residential property owner must make a declaration on whether or not the property is subject to the Vancouver Empty Homes Tax or whether it is exempt.
For 2020, a 1.25% tax of the BC property tax assessed value applies unless the property is exempt – see here.
For 2021, the rate is 3% (up from 1.25%) of the BC property tax assessed value.
Vancouver property taxes are due Tuesday February 2nd, 2021
Vancouver Empty Homes Tax (if not exempt)is due April 16, 2021
The BC Speculation and Vacancy Tax declaration is due March 31st, 2021
The tax rate is 2% of the BC property tax assessed value 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 are not eligible for an exemption, the tax is due July 2, 2021.
- Some items to watch for;
- each owner must declare (i.e. if both spouses are on title then both must declare)
- You may be subject to the tax (whether 2% or 0.5%) if you are moving to Canada and are planning to buy in the calendar year before you move;
- if you are a member of a “satellite family”