On February 18, 2020, the government of B.C. introduced its 2020 provincial budget. Included in the budget is a new exemption from the additional property transfer tax, commonly known as the “foreign buyers’ tax”, which will be available for qualifying Canadian-controlled limited partnerships. Though the specific language of the exemption will not be confirmed ...
The British Columbia government has released further details about the Speculation Tax on residential property announced in the 2018 Provincial Budget (the highlights of which are discussed in our previous blog post). These details clarify the geographic areas the Speculation Tax will apply to, along with rates, exemptions, and credits that may be available to offset ...
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 disclosure requirement ...
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