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B.C. Reg. 275/2018
O.C. 727/2018
Deposited December 10, 2018
effective December 10, 2018
This consolidation is current to December 3, 2019.
Link to consolidated regulation (PDF)
Link to Point in Time

Speculation and Vacancy Tax Act

Speculation and Vacancy Tax Regulation

[Last amended September 13, 2019 by B.C. Reg. 198/2019]

Contents
1Definitions
2Land and improvements that are not residential property
3Amounts that are excluded for the purposes of the definition of "unreported income"
4Exempt uses of residential property owned by not-for-profit corporations
5Determination of annual fair market rent
6Calculation of interest
7Certificate of lien form
Schedule

Definitions

1   In this regulation:

"Act" means the Speculation and Vacancy Tax Act;

"average monthly rent", in relation to a calendar year, means the average rent reported by CMHC for a one-month period in the preceding calendar year;

"census area" means a geographic area classified by Statistics Canada as a census subdivision or a census metropolitan area for the purposes of taking a census of population;

"CMHC" means the Canada Mortgage and Housing Corporation established by section 3 of the Canada Mortgage and Housing Corporation Act.

Land and improvements that are not residential property

2   For the purposes of paragraph (f) of the definition of "residential property" in section 1 of the Act, the following land and improvements are prescribed:

(a) a parcel of land, together with improvements, if one of the improvements is a building that

(i) is primarily used for the purpose of providing rental accommodation on a monthly or longer basis,

(ii) does not consist of strata lots, and

(iii) consists of at least 4 apartments that are only rented or offered for rent on a monthly or longer basis;

(b) a parcel of land and any improvements on that land if any portion of the land or improvements, or both, are used in conjunction with property described in paragraph (a);

(c) a parcel of land and any improvements on that land if any portion of the land or improvements, or both, are used as, or in conjunction with, a nursing home, rest home, bunkhouse or cookhouse referred to in section 1 (1) (a) of the Prescribed Classes of Property Regulation, B.C. Reg. 438/81;

(d) a parcel of land and any improvements on that land if any portion of the land or improvements, or both, are used as, or in conjunction with, a group home.

Amounts that are excluded for the purposes of the definition of "unreported income"

3   For the purposes of section 5 (2) [meaning of "untaxed worldwide earner"] of the Act, money or a right or thing is prescribed for a calendar year if the money, right or thing is described in section 81 of the federal Act.

Exempt uses of residential property owned by not-for-profit corporations

4   For the purposes of section 21 (b) [exemption for not-for-profit corporations] of the Act, a residential property must be primarily used for a charitable purpose.

Determination of annual fair market rent

5   (1) For the purposes of section 39 (2) (c) (ii) and (3) (c) (ii) [tenancy exemption for other owners] of the Act, the fair market rent for a residential property for a calendar year is the total of the fair market rent, for the calendar year, for each residence that is part of the residential property.

(2) The fair market rent for a residence for a calendar year is one of the following, as applicable:

(a) in the case of a residence that is described in paragraph (a) of the definition of "residence" in section 1 of the Act or that is a townhouse or an apartment making up one half of a duplex, the amount that is twice the amount that is obtained by multiplying 12 by the average monthly rent for the class of apartments that is comparable to the residence;

(b) in the case of a residence other than a residence referred to in paragraph (a), the amount that is obtained by multiplying 12 by the average monthly rent for the class of apartments that is comparable to the residence.

(3) For the purposes of subsection (2) (a) or (b), as applicable, a class of apartments is comparable to a residence if

(a) all of the apartments in the class have the same number of bedrooms as the residence or, in the case of a residence with 3 or more bedrooms, all of the apartments in the class have 3 or more bedrooms, and

(b) all of the apartments in the class are located in the smallest census area in which the residence is located and for which CMHC has reported the average monthly rent for that class of apartments.

Calculation of interest

6   Interest payable on amounts due to the government under the Act must be

(a) calculated at the rate prescribed under the Interest Rate under Various Statutes Regulation, B.C. Reg. 386/92, and

(b) calculated on a daily basis and compounded monthly.

Certificate of lien form

7   The form set out in the Schedule is prescribed for the purposes of section 114 (2) (a) [lien] of the Act.

[en. B.C. Reg. 198/2019, s. 1.]

Schedule

[en. B.C. Reg. 198/2019, s. 2.]

(section 7)

CREST   Province of British Columbia   Ministry of Finance

IN THE MATTER OF THE SPECULATION AND VACANCY TAX ACT, S.B.C. 2018, CHAPTER 46, SECTION 114, AND IN THE MATTER OF THE INTEREST

OF .................................................................................................................................................... [name]

IN .................................................................................................................................................................

....................................................................................... [P.I.D. number and full legal description of land]

CERTIFICATE OF LIEN

I certify that:

1 ...........................................................................................................................................

   [debtor name]

   ...........................................................................................................................................

   [debtor address]

is

(a) required to pay or remit an amount to the government under the Speculation and Vacancy Tax Act but has not paid or remitted that amount, or

(b) an associated corporation, as defined in section 114 (1) of the Speculation and Vacancy Tax Act, of a person who is required to pay or remit an amount to the government under the Speculation and Vacancy Tax Act and has not paid or remitted that amount.

2 The amount remaining unpaid or unremitted as of the date of this certificate is

   $....................................

AND TAKE NOTICE that on registration of this certificate in the land title office, the amount of the indebtedness to Her Majesty the Queen in right of the Province of British Columbia is a lien against the land described above.

Dated at........................................, British Columbia on..................................[date]

.............................................................................

Administrator, Speculation and Vacancy Tax Act

[Provisions relevant to the enactment of this regulation: Speculation and Vacancy Tax Act, S.B.C. 2018, c. 46, ss. 138 and 139 (1).]