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Tag Archives: Property Transfer Tax Act

2018 B.C. Budget: What It Means for B.C. Real Estate

Posted in Construction, Property Tax Assessment, Residential

On February 20, 2018 the B.C. government unveiled its Budget and Fiscal Plan 2018/19 – 2020/21[1] (the “Budget”) and an accompanying housing plan.[2] This update addresses the impact and significance of seven key measures relating to real estate that will be of interest to companies doing business, or considering doing business, in B.C. Those measures are:

  1. the increase in the property transfer tax;
  2. the increase in and expansion of the foreign buyer tax;
  3. the new speculation tax;
  4. the increase in the school tax;
  5. the new pre-sale condo database;
  6. the new beneficial ownership transparency measures; and
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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

Property Transfer Tax Fairness?

Posted in Commercial, Policy

In our previous post of February 29 (co-authored by Conrad Rego and Patrick Beechinor) we discussed the implications of the increase in B.C. property transfer tax from 2% to 3% on that portion of a property’s value which exceeds $2 million. We also noted that effective in the Spring, the names and addresses of all beneficiaries of bare trustees are to be disclosed by the transferee upon transfer to any bare trustee.  Though no reason was given by the Province for the requirement for beneficiary disclosure, industry participants have surmised that the disclosure may be a precursor for collecting property … Continue Reading