News & Publications Results
Related items for Practice area: Property Tax.
|New Property Tax for Foreign Buyers
The provincial government announced earlier today, July 25, 2016, that foreign buyers of residential real estate in the Greater Vancouver Regional District (excluding Tsawwassen First Nation lands) will be subject to an additional property transfer tax (The “Additional PTT”) of 15% of the fair market value of a foreign entity's proportionate share of property. For a more detailed overview of this new tax, please refer to the Ministry of Finance Tax Information Sheet.
In summary, the Additional PTT:
1. Is effective on August 2, 2016, regardless of when the applicable contract of purchase and sale was entered into.
2. Is in addition to the general property transfer tax payable on applicable real estate transfers registered with the Land Title Office.
3. Applies to "residential property" which includes, but is not limited to, single family residences, duplexes, multifamily residences, apartments, condominiums and nursing homes.
4. Applies to "foreign entities", being:
a) foreign nationals who are not Canadian citizens or permanent residents; b) foreign corporations that were either not incorporated in Canada or incorporated in Canada but controlled in whole or in part by a foreign national or other foreign corporation (unless the shares of the corporation are listed on a Canadian stock exchange); and c) taxable trusts, being foreign national or foreign corporations or a beneficiary of a trust that is a foreign national or foreign corporation.
5. Applies to any applicable residential property transfer, even if the transaction would normally be exempt from property transfer tax, for example a transaction between related individuals or a transfer resulting from an amalgamation.
6. Does not apply to non-residential property.
7. Requires that foreign entities registering a transfer arrange to have an Additional Property Transfer Tax Return form filed at the time the property transfer is filed with the Land Title Office.
The Additional PTT is being introduced through Bill 28-2016 Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016 [add link], which passed first reading at the provincial legislature today. This legislation is aimed at creating new measures to help make home ownership in the Lower Mainland more affordable. In addition to amendments to the Property Transfer Tax Act, Bill 28-2016 also includes proposed changes to the Real Estate Services Act to end self-regulation of the real estate industry and to the Vancouver Charter to grant the City of Vancouver the power to implement and administer a tax on vacant houses.
|BC Ferries Wins Property Assessment Appeal Board Decision
The B.C. Property Assessment Appeal Board released an important decision reducing the assessed value for property tax of the upland land and improvements at the Horseshoe Bay Ferry Terminal to a nominal value.
|Cross Canada Legal Panel: Legal Update and British Columbia Perspective on Equity
This paper provides a legal update and compares the availability and practical implications of “equity” in the appeal process across Canadian taxing jurisdictions.
|Cross Canada Legal Panel: British Columbia Equity Overview / Legal Update
This paper covers the burden of proof and equity in British Columbia and several recent cases on assessment and taxation principles (including the just-released decision of the Supreme Court of Canada in Catalyst Paper Corporation’s challenge of municipal tax rates).
|Western Canada Legal Updates: British Columbia Legislative Changes and a Review of Case Law
This paper provides an overview of legislative changes and it reviews case law before the Property Assessment Appeal Board and Courts. This paper was presented at the Canadian Property Tax Association Western Chapter 2011 Education Seminar.
|Western Canada Legal Updates: British Columbia
An overview of legislative changes and a review of several topical taxation issues addressed by British Columbia courts in 2009 and to date in 2010. This paper was presented at the Canadian Property Tax Association Western Chapter 2010 Education Seminar - Hope in the New Decade: Emerging Trends and Issues in March 2010.
|Cross Canada Legal Panel: Appeal Rights - What Do They Really Mean?
A comparison of the effectiveness of taxpayers' rights of appeal from tribunal decisions (eg. Assessment Appeal Board) across Canada. This paper was presented at the 44th Annual Canadian Property Tax Association National Workshop in September 2010.
|Self Storage Property Tax Issues in British Columbia
Paper presented to the Canadian Self Storage Association 4th Annual (2010 Western Regional) Conference and Tradeshow. Property taxes are an increasingly important fixed cost and bottom line item that businesses have to pay close attention to, in order to remain competitive.
|National Valuation and Legal Symposium, Cross-Canada Legal Panel: British Columbia Update
"Is the tax system becoming more or less equitable and transparent?" - paper presented at the Canadian Property Tax Association Ontario Chapter, 5th National Valuation and Legal Symposium.
|Legal Challenges of Valuing Property in Falling (or Otherwise Turbulent) Market - British Columbia Perspective
Paper prepared for the 43rd Annual Canadian Property Taxation Association National Workshop Cross Canada Legal Panel. The paper examines some of the "tools" available to the Baord to sort out complex valuation questions complicated even further by the turbulence in our markets over the past 18 months.
|Property Tax Considerations for B.C Developers
This presentation provides an overview of property assessment and taxation scheme, an overview of critical property tax considerations for developers and tax planning considerations.
|Cross-Canada Legal Update
An outline of updates in property tax law in British Columbia, including information on Part 3 of Bill 45 (Economic Incentive and Stabilization Statutes Amendment Act, 2008). It was presented at the Canadian Property Taxation Association National Valuation & Legal Symposium Legal Panel in February 2009.
|“Disclosure and Access to Information British Columbia Taxpayer Perspective”
In British Columbia, as elsewhere, there exists a tension between, on the one hand, the need to disclose sufficient information to complete the roll and to appeal assessments, and on the other hand, the need to protect commercially sensitive information from unnecessary and potentially harmful exposure to competitors. It has generally fallen to the Property Assessment Appeal Board to attempt to strike the balance between these competing interests.
|Real Estate - Special Topics: Expropriation from the Property Owner’s Perspective"
The development of transportation infrastructure in the Lower Mainland depends on expropriation of private property. Practitioners should have a basic understanding of the process to answer typical questions clients ask when faced with the loss of property rights.
|Equitable Classification and Exemption
A hallmark of the assessment and taxation of property in B.C. is the principle of equity: taxing authorities must deal even-handedly with all taxpayers in a municipality or rural area, and all taxpayers within a class must be treated in the same way. That is, properties with identifiable, similar attributes within a class should be assessed for taxation, e.g., classified, valued and subject to exemptions from assessment and taxation consistently, within a municipality or rural area.
|British Columbia Update
An overview of key legislative changes and legal developments relating to property tax in British Columbia in 2007, prepared for the National Valuation and Legal Symposium Cross-Canada Legal Panel.
|Observations on Manualized Assessment
Presentation prepared for CPTA in June 2007.
|“British Columbia Legal Update”
A brief overview of topical issues relating to British Columbia property assessment and taxation, including the parking site tax, prepared for the Canadian Property Tax Association Western Chapter 2006 Education Seminar Legal Panel.
|British Columbia Legal Update Prepared for the 39th Annual Canadian Property Tax Association National Workshop Cross-Canada Legal Panel
An overview of legislative changes and caselaw developments in British Columbia property assessment and taxation in the past year. The review is not intended to be exhaustive, but instead to provide a cross-section of topical cases which may be of interest both to the B.C. chapter and the national membership. The focus lies on stated case decisions.
|Real Property Assessment 2005: Equity and Consistency in Assessments
A hallmark of the assessment and taxation of property in B.C. is the principle of equity: taxing authorities must deal even-handedly with all taxpayers in a municipality or rural area, and all taxpayers within a class must be treated in the same way. This is a brief overview of the statutory basis of duties and powers of the Assessor and the Board in the context of recent developments in the case law concerning the application of equity in assessments, and some practical observations on the use of equity in an assessment appeal.