William Lew Live-Dream-Play

Call or Text 604-862-1966 | EMAIL info@williamlew.com |

B.C. government sets date enact real transparency requirements

 

by Canadian Press25 Jul 2018

The British Columbia government is closing a loophole in an effort to avoid tax evasion in real estate.

It says buyers, including real estate speculators, will have to disclose more complete information when they purchase a property through a corporation or trust.

Starting Sept. 17, the new property transfer tax will require people to report additional information, including their name, citizenship and social insurance number, if they purchase through a corporation or trust.

Finance Minister Carole James says the government wants to prevent people from skirting tax laws and hiding property ownership behind numbered companies and trusts.

The new reporting requirements will apply to all types of property, with exemptions for charitable trusts and certain corporations, such as hospitals and schools.

The changes are part of a series of steps the government is taking to address tax fraud in the real estate market that includes tracking pre-sale condos, sharing homeowner grant information with the federal government and boosting the ability of auditors to act on tax evasion.

``These changes give authorities another tool to make sure people are paying the taxes they owe,'' James says in a news release.


The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.