The Speculation and Vacancy Tax (SVT) -
Click MAP to view areas subject to the SVT.
Why file, by MARCH 31st, of each year?:
Even though 99% of homeowners are exempt from the SVT, provided the home is a principal residence or rented for at least 6 months of the year, they must file each year by March 31st.
Co-owners need to file a separate declaration, as their use or allowable exemptions may differ. For example; A parent who owns a child - the parent would apply for the non-arm's length rental exemption and the child would apply for the principal residence exemption
Life circumstances change - for example, you may have experienced a life event that could impact your exemption eligibility, such as:
- A change in marital status or life circumstances
- The death of a co-owner
- A change to where you file income taxes, etc.
What is the NEW Tax Rate for 2026 and beyond?
For 2026 and subsequent years, the tax rate is:
- 3% for foreign owners and untaxed worldwide earners
- 1% for Canadian citizens or permanent residents of Canada who are not untaxed worldwide earners
What is the penalty if I do not submit by MARCH 31st?
Failure to file results in a tax levied at 2% of the property's assessed value; this applies regardless of whether exemptions apply, so be sure to file! Any outstanding amount is due by July 2, 2026.
What if I own multiple residences?
You can generally only claim one property exempt from the SVT - spouses cannot each claim, unless there is a work, medical, separation, or divorce component to their life circumstances.
What if the additional properties are also tenanted?
If a tenant lives in an owner’s home for at least six months within a calendar year, the owner generally will qualify for a tax exemption.
There are a host of specific exemptions geared to various life events or circumstances (click here to review)
I recommend speaking to your accountant or tax professional to determine how this tax may impact you if there are any outstanding queries.
Are you looking to buy or sell a home?
Please call me at 250-884-3980, and I can give you the expert guidance and help you need to make informed decisions and achieve your housing goals.
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