A reminder of some important due dates and key updates:

Vancouver

The Vancouver Empty Homes Tax declaration is due Tuesday February 2^nd 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 2^nd, 2021

Vancouver Empty Homes Tax (if not exempt)is due April 16, 2021

British Columbia

The BC Speculation and Vacancy Tax declaration is due March 31^st, 2021

(notices will be mailed between January 19^th to February 16^th)

• 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”

• For exemptions – see here.

Please contact your DMCL advisor for further assistance with these matters.