Own property in the Lower Mainland? You’re likely facing a "triple-layer cake" of vacancy taxes. Even if you live in your home, you still have to file to avoid massive penalties. Here is the quick breakdown of what you need to do:
Key Deadlines
Vancouver Empty Homes Tax: Due February 3rd (Next week!). Only for City of Vancouver owners. The rate is 3% of the assessed value.
BC Speculation & Vacancy Tax: Due March 31st. Applies to most urban areas (Burnaby, Richmond, Coquitlam, etc.). Every person on the title must file separately. Federal Underused Housing Tax (UHT): Currently being repealed via Bill C-15. You likely won't owe for 2025, but ensure your 2022–2024 filings are complete!
Are You Exempt?
Most owners are exempt if the property is their principal residence or is rented out. However, exemptions vary between the three levels—don't assume one filing covers them all!
Questions about your property? Reach out today for a consultation.