30 Mar Foreign Buyer Property Transfer Tax Update
The following foreign buyer property transfer tax update was provided by Tony Spagnuolo, Barrister & Solicitor
Re: More P.T.T. Update Info
So there I am on holidays, having a great time with the family, and the government goes and makes more changes to the 15% foreign buyer tax. The nerve of doing this while I am away. Here is what they have done.
By now we all know that a foreign national who purchases a home in the GVRD pays an additional tax of 15%. The government recently announced that this tax will no longer apply to foreign nationals who receive confirmation under the B.C. Provincial Nominee Program. To qualify, the buyer must be a confirmed B.C. Provincial Nominee before the title changes hands and the property must be used as a principal residence. Further, this exemption may only be claimed once. If the foreign national purchases another property, they will pay the additional property transfer tax.
From what I can tell the B.C. Provincial Nominee Program is a program to allow skilled and qualified people to enter the labour market. Feel free to review www.welcomebc.ca/immigrate-to-b-c/b-c-provincial-nominee-program.
If you are helping a foreign national, you should ask if they are registered under the B.C. Provincial Nominee Program to determine if they are eligible for this exemption.
Also, a refund may be available to a foreign national who has paid the additional property transfer tax between August 1, 2016, and March 17, 2017, and
1. is subsequently confirmed as a B.C. Provincial Nominee, or
2. becomes a permanent resident or Canadian citizen within 1 year of the transfer date.
Application forms are available on the government’s website.
With all of the recent changes, our website and our PTT calculator are a little out of date. We will work as fast as we can to have this corrected, but please bear with us.
Finally, we send these updates to thousands of people we have worked with over the years. There are occasions when these emails generate many questions. While we try to answer every question, the order of our response is based on the business we receive from the people asking the questions.
Tony Spagnuolo, Barrister & Solicitor
Spagnuolo & Company Lawyers
#300-906 Roderick Avenue
Coquitlam, BC V3K 1R1
Direct Phone: 604-777-7406