Corporations, trustees and business partners exemptions for the speculation and vacancy tax

Many of the speculation and vacancy tax exemptions available to individuals are also available for residential property owned by eligible corporations, or by a person representing a trust or a business partnership. 

To be eligible for a principal residence exemption, a corporation must take account of its corporate interest holders. An owner that is a trustee or represents a partnership must take account of its beneficial owners and partnership interest holders.

Eligibility for an exemption depends on whether the corporate interest holders, beneficial owners and partnership interest holders all meet the requirements that individual owners would need to meet. 

For example, if a property is owned by a corporation, and is the principal residence of a corporate interest holder, then for the owner to be eligible for the principal residence exemption, the corporate interest holders, beneficial owners and partnership interest holders must all be:

• Canadian citizens or permanent residents of Canada
• Residents of B.C. for income tax purposes, and
• Not untaxed worldwide earners (a category of taxpayer that includes members of a satellite family)

These owners may also claim other exemptions in a similar manner. 

Learn how to complete the declaration of speculation and vacancy tax.