property transfer tax return changes now in force

Changes to the Property Transfer Tax (PTT) return came into force on Monday, September 17.

When buying real estate using a corporation or trust, buyers and transferees with significant interest in property will now be required to be identified on the PTT return and must disclose:
  • their name(s);
  • date of birth;
  • citizenship information;
  • contact details; and
  • tax identification numbers.
Changes aren’t retroactive. They apply from September 17 onwards to all property types and classes, including commercial and residential.

All data collected on the PTT return is confidential.


Exemptions

Exemptions include charitable trusts and corporations such as hospitals, schools and libraries.

Purpose

The changes will provide the BC Government with new tools to ensure:
  • property buyers aren’t evading taxes owed; and
  • better verification of real estate ownership.

Learn more


For questions about the Information Collection Regulation

  •  contact PTTEnq@gov.bc.ca.