Unless an exemption is available, all property transfers registered in the Land Title Office of British Columbia are subject to the Property Transfer Tax (“PTT”) administered by the Ministry of Finance. Effective November 27, 2017 there will be changes to the PTT return regime in British Columbia. Specifically, a new PTT form (version 29) will be required for all real estate transfers.
The new PTT form requires additional information about the seller that was not previously required. The additional information required about the seller includes:
- Whether the seller is a resident of Canada or non-resident of Canada as defined under the purposes of the Income Tax Act of Canada.
- The seller’s address. Please note that we will also require the seller’s forwarding address.
- The seller’s telephone number.
In British Columbia, it is the role of the buyer’s lawyer or notary to prepare the transfer documents. Accordingly, the buyer’s lawyer or notary will have to rely on the assistance of realtors to ensure that the above-noted information is included in the Contract of Purchase and Sale. The standard form Contract of Purchase and Sale, which has been approved by the British Columbia Real Estate Association and the Canadian Bar Association (British Columbia Branch), includes fields for the inclusion of the above-noted information:
Over the next few weeks, we may be required to coordinate with the realtors and/or the seller’s lawyer or notary to ensure that we have all of the required information to complete the new form of PTT return. We thank everyone in advance for their cooperation.
If you have any questions with respect to PTT or the changes to the PTT form, please feel free to contact one of our lawyers practicing in the area of real estate law.
Author: Danielle (Dani) Brito
This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637 or any of our lawyers practicing in the area of real estate law at the following: