The Speculation and Vacancy Tax (SVT) was introduced by the B.C. government in 2018 as part of the plan to address affordable housing. Property owners must make a declaration by March 31, 2021 for their 2020 tax status.
The provincial budget originally announced the introduction of a new speculation tax on residential property in BC aimed at property owners – both foreign and domestic – who don't pay taxes to the province. But buried in the "Homes for B.C." housing plan, one of several plain-language documents that accompanied the budget, is the idea that "the Province will also introduce a non-refundable income tax credit which will allow those who pay income tax in B.C. to offset the property tax." This apparent contradiction led many people to ask who exactly will be paying the tax.