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:iStock Signing Contract 2.XSmall
    • 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.

More information:




Source link