BCREA has advised that as of November 27, 2017, the BC Government will require a new version (version 29) of the Property Transfer Tax (PTT) return. The following new information will be collected by lawyers and notaries when completing the PTT return:
From buyers:
- Date of birth
- Business Number (corporate transferee)
- Individual Tax Number (foreign buyer, if applicable)
- Provincial Nominee Program and certificate number (foreign buyer, if applicable)
- Whether property will be used as a principal residence
- Daytime phone number for each buyer
From sellers:
- Residency status under the Income Tax Act
- Contact information:
- Address
- Phone number
The Land Title and Survey Authority may refuse to complete the land transfer if all of the information isn’t included on the PTT return.
What REALTORS® need to know:
- You don’t have to make any changes to your practice or the information you collect.
- If your client asks whether the conveyancer needs their personal information, you can confirm that the information is required or the property transfer might not go through.
- If you anticipate that a tax issue may arise for a client in relation to a real estate transaction, advise your client to seek independent professional advice.
- As a licensee, it is your duty under the Real Estate Services Act to always advise clients to seek independent professional advice on any matters outside of your expertise.
More information: