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 about any potential impact that may have.

To find out more about these recent changes:
Ministry of Finance Tax Information Sheet
Additional Property Tranfer Tax Return
BC Land Title & Survey

This information is provided by the Real Estate Council of British Columbia (RECBC).

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