Lawyers who are completing property transfers need to become familiar with the new property transfer tax return (version 31) that takes effect on September 17, 2018. As of that date, the new PTT return will require information on all beneficiaries of certain trusts and corporate interest holders, including their name, contact information, tax identifiers (SIN, ITN, BN) and citizenship. You will need to plan for time to obtain this information before your transactions close to avoid potential issues on closing.
The new PTT return is now available for download on the Land Title and Survey Authority of British Columbia (LTSA) website. It is also available through the Electronic Filing System (EFS) in the myLTSA portal; read more here. For more information on the regulation, including exclusions, read the Information Collection Regulation.
The Ministry of Finance, Property Taxation Branch will host two webinars on September 11, 2018 highlighting the changes to the new PTT return. The webinar details are here.
For questions, contact the Property Taxation Branch at PTTEnq@gov.bc.ca or 1.888.355.2700.