Ministry of Finance announces additional property transfer tax effective August 2, 2016

[updated August 3, 2016]

The BC government has announced an additional property transfer tax on residential property transfers to foreign entities in the Greater Vancouver Regional District. The additional tax applies on all applicable transfers registered with the Land Title Office on or after August 2, 2016, regardless of when the contract of purchase and sale was entered into. For transactions involving Canadian citizens, the citizen’s social insurance number must be collected and their identity verified against official government issued identification. For details, read the Ministry of Finance’s tax information sheet and the legislation in progress.

The updated Property Transfer Tax form (version 27) is available for download through the Land Title and Survey Authority’s website.

For further information, see the following contact information: