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The Lay of the Land DEVELOPMENTS IN CANADIAN REAL PROPERTY LAW

Tag Archives: transfer of title

The Anti-Avoidance Blues: Does a Foreigner’s Title Nominee Share Purchase Constitute an “Avoidance Transaction”?

Posted in Property Tax Assessment

On August 2, 2016, the Province of British Columbia enacted amendments to the Property Transfer Tax Act (British Columbia) (the “Act”) which introduced a new 15% property transfer tax (colloquially referred to as the “foreign buyer tax”).  This tax currently applies when a foreign national or foreign corporation purchases residential property situated in the GVRD.  The amendments also include a new anti-avoidance rule applicable to the foreign buyer tax only.  This rule has yet to be considered by a Court, but on its face it may affect the ability of a foreign national or foreign corporation to safely avail itself … Continue Reading

New Québec Transfer Duty Regulations

Posted in Commercial, Policy, Residential

The Quebec government has deposited new regulations to give effect to measures ann‎ounced in the March budget.

Among the clarifications are confirming that exemptions for inter corporate transfers are based on 90 per cent issued shares and not voting shares, a trigger on change of control within 24 months of an exempt transfer, clarifying that options to purchase shares are captured within the anti-avoidance provisions as well as clarifying that amalgamations are exempt transfers.… Continue Reading