Every owner of residential property in Vancouver will have to make a property status declaration for the 2018 tax year, even if you made a declaration for 2017.
You will receive instructions in December, and your declaration will be due by February 4th, 2019. The Empty Homes Tax is calculated as 1% of the assessed taxable value of the property.
Failure to declare by the deadline will result in your property being deemed vacant and subject to a tax of 1% of its assessed taxable value and a $250 penalty.
If you do not want to pay the Empty Homes Tax
- Residential property owners will not have to pay the Empty Homes Tax if the property:
- Is the principal residence of the owner a family member or friend
- Is rented out for a minimum of 6 months of the year in periods of atleast 30 consecutive days
- Qualifies for an exemption