Who has to pay the new 15 per cent tax, and what they can do

by Dennis Wilson, Manager, Professional Standards

Everyone will know by now that a new additional Property Transfer Tax came into effect as of August 2, 2016. The tax applies to any buyer who is a foreign entity (such as foreign corporations, taxable trustees or foreign nationals), which is anyone not a Canadian citizen or permanent resident, who is buying a property located in the Metro Vancouver region.

Now here is my advice:  As a professional REALTOR®, please do not advise your client as to whether or not you think they will be subject to this additional tax. If your client has any questions regarding the impact of this change as related to them, please advise them to contact the Ministry of Finance at 1-888-355-2700.

If you would like more information yourself, or for a handout to provide your clients, go to gov.bc.ca/propertytransfertax then go to bottom right corner and click on what’s new where you will find the Ministry of Finance Information Sheet 2016-006.