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Provincial Property Transfer Tax Act Applies to Commercial Assets
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(Posted on Mar 30, 2016 at 01:00PM by Michelle Bogle)
Commercial real estate investors, take note!The B.C. government’s planned changes to the Property Transfer Tax Act, which requires real estate buyers to disclosure citizenship and residency status information, applies to not only residential assets, but commercial as well.
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These changes were initially announced in the 2016 provincial budget, as a result of increasing foreign real estate investing in Metro Vancouver.
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The purpose of this new layer of disclosure is to provide the province with clearer data to better understand British Columbia real estate, both residential and commercial, and its drivers.
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Individuals buying property will need to disclose whether or not they are Canadian citizens or permanent residents. Corporate buyers must also disclose the total number of directors, the number of those who are Canadian citizens versus permanent residents, and the name, address and citizenship of all foreign directors.
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This new change is planned to take effect by late spring/early summer of this year.
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For more information, please contact our Vancouver office for details.
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