New Property Transfer Tax Return Form Now in Effect

The Ministry of Finance has authorized a new version of the Property Transfer Tax (PTT) Return form. The new PTT return form is effective November 27, 2017.

Changes to the return form include new questions asking:

• whether the purchaser of the property has made reasonable efforts to confirm the residency status of the seller;
• whether the seller of the property is a resident or non-resident of Canada as defined under the Income Tax Act (Canada).

If you anticipate that a tax issue may arise for a client in relation to a real estate transaction, advise your client to seek independent professional advice.

You should flag potential tax issues for your clients as early as possible, but keep in mind that as a licensee, it is your duty under the Real Estate Services Act to always advise clients to seek independent professional advice on any matters outside of your expertise.

Learn More

Information on the changes to the PTT return form is available from:

• Ministry of Finance Tax Information Sheet
• the Property Transfer Tax web page, or
• the Property Taxation Branch at pttenq@gov.bc.ca or 1-888-355-2700.

Download the PTT return form from the Land Title and Survey Authority of British Columbia (LTSA) or through the Electronic Filing System (EFS) accessed on myLTSA.

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.