extra real estate tax

The 15 per cent tax on foreign buyers is effective today with strict non-compliance penalties.

This tax applies to foreign entities purchasing property in Metro Vancouver* once the transfer is registered at the Land Title Office – with no exceptions.

* The Greater Vancouver Regional District includes Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township, Lion’s Bay, Maple Ridge, New Westminster, North Vancouver City and District, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver, White Rock and Electoral Area A. The additional tax does not apply to properties located on Tsawwassen First Nation lands.

“While we’re unhappy with the approach the government has taken, this tax is now law," Dan Morrison, Board president said. "We must all ensure we’re doing what we can to help our clients understand and comply with the new tax."

Anyone who fails to pay the tax, or who provides incorrect information to avoid the tax, could face fines up to $100,000 or two years in prison, FICOM said in a warning last week.

Click here for more information on the tax.

• CNN Money: Vancouver just hit foreign homebuyers with a massive tax

• CTV: Rush to close home sales before tax deadline overloads land registry

• Financial Post: Vancouver’s new residential tax on foreigners starts Tuesday, here’s what to expect next

Business in Vancouver: Industry critical of new B.C. tax on foreigners buying homes

• Georgia Straight: B.C. government receives criticism and praise in response to new tax on Metro Vancouver home sales to foreigners