On March 15, 2017, the BC Government issued Order In Council 152/17 (the “OIC”), which creates a retroactive exemption from the 15 percent Foreign Entity Tax (the "Tax") for foreign nationals applying for permanent residency under BC’s Provincial Nominee Program, and provides refunds for certain purchasers who have previously paid or are required to pay the Tax ...
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 to complete on binding agreements of purchase and ...
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 to the Property ...
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