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.
Curtesy of RECBC.