The government of British Columbia will collect new information on the citizenship of homebuyers as one of several measures proposed in the 2016 budget to address housing affordability.
Starting in June, the Property Transfer Tax form will collect new information from owners when they register property at the Land Title Office:
- Individuals who are not Canadian citizens or permanent residents must provide the country or state where they are a citizen.
- Corporations must provide the name, address and citizenship of directors who are not Canadian citizens or permanent residents.
- Bare trustees must provide the names, addresses and citizenship of the settlors and beneficiaries of a “bare trust”.
The information will be shared with the Canada Revenue Agency to aid in the administration and enforcement of tax statutes, and shared with BC Statistics and Statistics Canada. Click here for a Ministry of Finance information sheet on the topic.