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The Province of British Columbia is taking steps to ensure that the applicable taxes are paid on assignments of pre-sale condominiums with the introduction of Bill 25 Real Estate Development Marketing Amendment Act, 2018. The goal of the legislation is to collect the applicable tax on such assignments and to generally discourage the assignment of such contracts and reduce ...

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Posted in Tax, Real Estate

The British Columbia government has released further details about the Speculation Tax on residential property announced in the 2018 Provincial Budget (the highlights of which are discussed in our previous blog post). These details clarify the geographic areas the Speculation Tax will apply to, along with rates, exemptions, and credits that may be available to offset ...

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Posted in Tax

On March 15, 2017, the BC Government issued Order In Council 152/17 (the “OIC”), which creates a retroactive exemption from the 15 percent Foreign Entity Tax (the "Tax") for foreign nationals applying for permanent residency under BC’s Provincial Nominee Program, and provides refunds for certain purchasers who have previously paid or are required to pay the Tax ...

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Posted in Tax

The provincial government’s new 15 per cent tax on foreign purchasers of residential property is the talk of the town in Metro Vancouver.  While many local residents have spent the last several days debating about the likely effect of the tax, others are already facing the consequences as buyers respond to the tax by failing to complete on binding agreements of purchase and ...

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Posted in Tax

In our blog post from July 25, 2016 we highlighted the provincial government's introduction (effective August 2, 2016) of the new 15% property transfer tax (the "Foreign Entity Tax") on foreign buyers of residential property in the Greater Vancouver Regional District ("Metro Vancouver").

The Foreign Entity Tax has been introduced by way of an amendment to the Property ...

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Posted in Tax

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 ...

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Posted in Tax

The BC 2016/17 Budget, released on February 16, 2016, implemented changes to the Property Transfer Tax Act and to the Land Title Act in the form of increased tax rates, citizenship disclosure requirements and a new PTT exemption.  The Budget did not change the current PTT treatment of unregistered beneficial conveyances, but it did create a new disclosure requirement ...

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Posted in Tax

A recent decision of the Tax Court of Canada will be of interest to those who hold rental property for the long term and who incur expenses related to the zoning of that property. The Tax Court found that such expenses were deductible for tax purposes, and were not required to be capitalized to the cost of the property.

Background

The Income Tax Act (“Act”) distinguishes ...

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Posted in Tax

In the beginning of 2014, the CRA issued GST/HST Notice No. 284 – Bare Trusts, Nominee Corporations and Joint Ventures announcing that as of January 1, 2015, it will no longer allow joint ventures to elect for a nominee corporation or a bare trustee corporation to be the operator of a joint venture where such nominee or bare trustee does not have an ownership interest in, or ...

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Our Real Estate Law Blog provides brief commentary on current legal trends and developments affecting your business. The topics addressed in Lawson Lundell’s Real Estate Law Blog are of interest to commercial real estate developers, real estate and strata agents, investors, landlords and tenants, as well as a variety of industry groups. 
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