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Message to Licensees: Government Announces Additional Property Transfer Tax
Government Announces Additional Property Transfer Tax
Earlier today, the government announced a new additional property transfer tax on residential property transfers to foreign entities in the Greater Vancouver Regional District.
The additional tax will apply to all applicable transfers registered with the Land Title Office on or after August 2, 2016, regardless of when the contract of purchase and sale was entered into.
The Council recommends that licensees advise both their buyer clients and their seller clients to seek independent professional advice to determine if their trade in real estate will be subject to the Additional Property Transfer Tax, and any potential impact that may have.
To find out more about these recent changes:
- Ministry of Finance Tax Information Sheet
- Additional Property Transfer Tax Return
- BC Land Title and Survey Authority
Questions?
- Online: gov.bc.ca/propertytransfertax
- Toll-free: 1-888-355-2700
- email: pttenq@gov.bc.ca
This information is provided to you by the Real Estate Council of British Columbia (RECBC).
Your feedback is always welcome and can be sent to info@recbc.ca.
