Changes to Property Transfer Tax Return
Changes to the Property Transfer Tax (PTT) return are now in effect. These changes are expected to provide the BC Government with better tools to ensure property buyers are not evading taxes they owe and increase evidence of true real estate ownership.
When making a real estate purchase through corporations or trusts, buyers and transferees with significant interest in property must be identified on the PTT return and will have to disclose the following information:
- date of birth,
- citizenship information,
- contact details, and
- tax identification numbers.
Even though REALTORS® don’t complete the return, you should be aware of the changes, so you can keep your clients informed. It’s important to note that:
- the change is not retroactive (that is, it only applies from September 17 onwards),
- it is intended to be applied consistently to all property types and classes, including commercial and residential, and
- all data collected on the PTT return is treated as confidential.
There are exemptions for certain trusts such as charitable trusts, and certain corporations such as hospitals, schools and libraries.
More information about the new PTT return changes can be found on the BC Land Title and Survey Authority of British Columbia website: https://bit.ly/2QhmmME.