The BC Ministry of Finance has notified the Law Society that a new version of the property transfer tax return (version 31) will come into effect on September 17, 2018 (the “New PTT Return”). Under the Information Collection Regulation, also effective September 17, 2018, individuals with a “significant interest” in a corporation or trust that acquires property must be identified, with some exceptions. While not all details are currently available, the New PTT Return will likely require information on all beneficiaries of certain trusts and corporate interest holders including their name, contact information, tax identifiers (SIN, ITN, BN), and citizenship. Finance officials have advised that there is no change in software requirements for the New PTT Return.
Although the Ministry has extended the deadline to September 19, 2018 for comments to the draft legislation titled the Land Owner Transparency Act, consultations on the draft Act do not affect the New PTT return coming into effect September 17, 2018. The draft Act will create reporting requirements and a public registry on beneficial ownership of BC land by corporations, trustees and partners.
The Ministry of Finance, Property Taxation Branch will host two webinars on September 11, 2018 highlighting the changes to the New PTT Return.
Webinar details and links to join
Date and time: Tuesday, September 11, 2018, 10:30 – 11:30 am PST
Join online meeting: https://unite.gov.bc.ca/gov/meet/jacqueline.roodbol/2CGHQQCY
Join by phone: Local in Victoria 1-250-952-9304; local in Vancouver 1-604-398-9304; toll-free 1-888-952-9304; Conference ID: 9160161
Date and time: Tuesday, September 11, 2018, 1:30 – 2:30 pm PST
Join online meeting: https://unite.gov.bc.ca/gov/meet/jacqueline.roodbol/5WZP2LJL
Join by phone: Local in Victoria 1-250-952-9304; local in Vancouver 1-604-398-9304; toll-free 1-888-952-9304; Conference ID: 6136017
The Ministry has advised that it aims for the New PTT Return to be available on its website by the end of August 2018.
Additional Information