Government Announces IMMEDIATE Changes to Property Transfer Tax

Budget 2018 announced changes to Property Transfer Tax that come into effect on February 21, 2018, including:

  • Property transfer tax rate on the value of residential properties above $3 million increased.
  • Additional property transfer tax rate increased and area expanded.
  • The Property Transfer Tax Act is amended to enhance administration and information sharing.
  • The limitation period for property transfer tax assessments is extended to six years.
  • Additional information is collected on property transfer tax returns, including tax identification numbers for individuals using bare trusts.
  • An administrative monetary penalty for non-compliance is introduced.
  • The general anti-avoidance rule is extended to the entire Act.
  • Access to additional information on property transactions, including information in a multiple listing service database, is enabled.

You can find information about these changes at gov.bc.ca/propertytransfertax.

Please contact Philip or Sandra if you have any questions or would simply like to discuss the impact of these changes.

2018-02-21T15:18:09+00:00February 21st, 2018|

PHILIP DuMOULIN, REALTOR®

604-787-2114  (cell)
pdumoulin@sothebysrealty.ca

SANDRA MILLER, PREC*, REALTOR®

778.833.1169 (cell)
smiller@sothebysrealty.ca

Lee DuMoulin , REALTOR®

604-720-4375 (cell)
ldumoulin@sothebysrealty.ca

Elvina Savage (Hui), REALTOR®

604-339-2230 (cell)
ehui@sothebysrealty.ca