Updates to Property Transfer Tax Return now in effect Changes to the Property Transfer Tax (PTT) return are now in effect as of Monday, September 17.
These changes are expected to provide the BC Government with better tools to ensure property buyers are not evading taxes they owe and increase evidence of true real estate ownership.
When making a real estate purchase through corporations or trusts, buyers and transferees with significant interest in property must be identified on the PTT return and will have to disclose the following information:
date of birth
contact details, and
tax identification numbers.
It’s important to note that:
the change is not retroactive (it only applies from September 17 onwards)
it is intended to be applied consistently to all property types and classes, including commercial and residential, and
all data collected on the PTT return is treated as confidential.
There are exemptions for certain trusts such as charitable trusts, and certain corporations such as hospitals, schools and libraries.
More information about the new PTT return changes can be found on the BC Land Title and Survey Authority of British Columbia website: https://bit.ly/2QhmmME