As we approach the March 31 deadline for the December 31, 2024 declarations required to be made under the Speculation and Vacancy Tax Act in British Columbia (the “Act”), we wish to remind you to consider what, if any, steps you are required to take with respect to property owned by you, whether personally or through a corporation or trust.  It is important to remember that the filing requirement will apply to the party who was the registered owner of the property as of December 31, 2024 so transfers of the property close to that date will need to be carefully considered as to who is to complete the filing.  A transfer filed at the Land Title Office may take several days or weeks to be processed to reflect the new owners and, during that time, the “seller” of the property would remain as the registered owner, subject to the pending transfer.

If you have not already, you should receive a declaration letter in the mail before the end of February, 2025 that will include your Letter ID and your Declaration Code.  You will need both of those to complete the declaration. Be aware, that the letter is typically sent to your address as it shows on title to your property so if that address is not current, it is possible you may not receive your letter.  That, however, does not remove the obligation to complete the filing so you are responsible to ensure you meet the filing and payment requirements regardless.

New for the filing due by March 30, 2025 is the addition of 13 new communities to those that the Act applies to including, but not limited to, Vernon, Coldstream, Kamloops, Penticton, Summerland, Peachland and Lake Country.  Please be sure to check if your property is now included, even if it was not previously subject to the Act and, if in doubt, ensure you seek confirmation or clarification!

More information can be found here: Speculation and vacancy tax – Province of British Columbia

This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637 or any of our lawyers practicing in the area of residential real estate law at the following:

Una Kuzio: una@touchstone.law

Elizabeth Ford: elizabeth@touchstone.law