Forgot to declare the speculation tax?

1. The declaration is due March 31 every year

Owners of residential property in BC’s designated regions must file a speculation and vacancy tax declaration each year. The declaration due date is March 31 in the year following the tax year (Speculation and Vacancy Tax Act, ss.1 and 62(3)). Most owners owe no tax once they declare, because most qualify for an exemption — but the declaration itself is still required, exemption or not.

If March 31 has passed and you have not declared, do not wait for the ministry to contact you. The sooner the declaration is in, the sooner the default position below stops applying.

2. Without a declaration, you are assessed at the maximum rate

If you do not complete your declaration, the government assesses tax at the maximum rate of 2% of your property’s assessed value — even if you would have qualified for an exemption had you declared. That default assessment is the ministry’s starting point, not a finding that you actually owe the tax.

It is also not something you can appeal away. Under s.98(9), an appeal does not lie for an assessment made because a declaration was not filed, except on the narrow question of whether you are an “owner” of the property at all. Filing an appeal instead of a declaration spends time without changing the assessment. Our SVT appeal guide explains the distinction in full.

3. You can still declare late — up to 3 years, sometimes longer

The declaration system stays open after the deadline. According to the government’s how to declare guidance, for each speculation and vacancy tax year you have up to 3 years to submit or correct a declaration. Beyond that, the administrator has the discretion to accept late declarations up to 6 years in relation to a tax year, counted from whichever comes first — the date of your first notice of assessment or July 2 of the tax year. Discretion is not a guarantee, so an older year is a reason to act promptly, not to assume the door is closed.

Declare through the official service only, using the declaration letter or access details the ministry sent you. If your declaration was filed but contains an error, use the government’s correction instructions instead of filing a second declaration. Keep your submission confirmation and any revised notice.

4. Penalty and interest on unpaid tax

Declaring late fixes the declaration, but amounts already assessed can carry charges in the meantime. A 10% late payment penalty, as well as interest, applies to any unpaid balance after the due date, and interest compounds monthly. Paying the assessed amount, or arranging payment using the instructions on your notice, stops those charges from growing while your declaration is processed — check the government’s how to pay page for the current options. A submission is not a promise that the assessment, interest or penalties will change.