Lawson Lundell's Real Estate Law Blog

Category Archives: Tax

Subscribe to Tax RSS Feed

New Real Estate Tax Leads to Collapsed Deals

Posted in Tax
Comment

The provincial government’s new 15 per cent tax on foreign purchasers of residential property is the talk of the town in Metro Vancouver.  While many local residents have spent the last several days debating about the likely effect of the tax, others are already facing the consequences as buyers respond to the tax by failing… Continue Reading

Digging Deeper into the New Foreign Entity Tax

Posted in Tax
Comment

In our blog post from July 25, 2016 we highlighted the provincial government’s introduction (effective August 2, 2016) of the new 15% property transfer tax (the “Foreign Entity Tax“) on foreign buyers of residential property in the Greater Vancouver Regional District (“Metro Vancouver“). The Foreign Entity Tax has been introduced by way of an amendment… Continue Reading

New Property Tax for Foreign Buyers

Posted in Tax
Comment

The provincial government announced earlier today, July 25, 2016, that foreign buyers of residential real estate in the Greater Vancouver Regional District (excluding Tsawwassen First Nation lands) will be subject to an additional property transfer tax (The “Additional PTT”) of 15% of the fair market value of a foreign entity’s proportionate share of property. For… Continue Reading

The 2016/17 British Columbia Budget’s impact on Commercial Real Estate Transactions

Posted in Tax
Comment

The BC 2016/17 Budget, released on February 16, 2016, implemented changes to the Property Transfer Tax Act and to the Land Title Act in the form of increased tax rates, citizenship disclosure requirements and a new PTT exemption.  The Budget did not change the current PTT treatment of unregistered beneficial conveyances, but it did create a new… Continue Reading

Is Your Joint Venture Compliant with the CRA’s New Position on GST/HST Reporting Obligations?

Posted in Tax
Comment

In the beginning of 2014, the CRA issued GST/HST Notice No. 284 – Bare Trusts, Nominee Corporations and Joint Ventures announcing that as of January 1, 2015, it will no longer allow joint ventures to elect for a nominee corporation or a bare trustee corporation to be the operator of a joint venture where such… Continue Reading