BC to require real estate buyers true identities

Effective September 17, 2018, property buyers will have to disclose more detailed information when making purchases through a corporation or trust. The new Property Transfer Tax return will require applicable purchasers to provide:

  • Name
  • Date of birth
  • Citizenship information
  • Contact details
  • Tax identification numbers

These new requirements will apply to all property types, but certain trusts and corporations will be exempt, such as schools and hospitals.

The B.C. government says this change is meant to “address tax fraud and close loopholes in the real estate market”.  Other future measures to reduce tax invasion may include:

  • A new, publicly accessible registry of who owns real estate in B.C.
  • A law to track pre-sale condo contract assignments
  • Sharing of homeowner grant information with federal tax officials
  • Strengthening property transfer tax auditors’ abilities to act on tax evasion
  • The creation of a federal-provincial working group on tax fraud and money laundering

Read the full news release on the issue on the Province’s website: