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.
All data collected on the PTT return is confidential.
ExemptionsExemptions include charitable trusts and corporations such as hospitals, schools and libraries.
PurposeThe 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.
- BC Land Title and Survey Authority of British Columbia, Updates to Property Tax Return coming September 17
- Property Transfer Tax
For questions about the Information Collection Regulation
- contact PTTEnq@gov.bc.ca.