Revised PTT Return
As of November 27, 2017, the BC Government will require a new version (version 29) of the Property Transfer Tax (PTT) return. The following new information will be collected by lawyers and notaries when completing the PTT return:
- From buyers:
- Date of birth
- Business Number (corporate transferee)
- Individual Tax Number (foreign buyer, if applicable)
- Provincial Nominee Program and certificate number (foreign buyer, if applicable)
- Whether property will be used as principal residence
- Daytime phone number for each buyer
- From sellers:
- Residency status under the Income Tax Act
- Contact information:
The Land Title and Survey Authority may refuse to complete the land transfer if all of the information isn’t included on the PTT return.
Here’s what REALTORS® need to know:
- You don’t have to make any changes to your practice or the information you collect.
- If your client asks whether the conveyancer needs their personal information, you can confirm that the information is required or the property transfer might not go through.