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15% Foreign Investment Property Transfer Tax Introduced by Provincial Government Effective August 2nd 2016


Blog by Stu Bell | July 25th, 2016


RECBC News
July 25, 2016
 
Attention Trading Services Licensees
 
Government Announces Additional Property Transfer Tax

Earlier today, the government announced a new additional property transfer tax on residential property transfers to foreign entities in the Greater Vancouver Regional District.


The additional tax will apply to all applicable transfers registered with the Land Title Office on or afterAugust 2, 2016, regardless of when the contract of purchase and sale was entered into.

The Council recommends that licensees advise both their buyer clients and their seller clients to seek independent professional advice to determine if their trade in real estate will be subject to the Additional Property Transfer Tax, and about any potential impact that may have.

To find out more about these recent changes:


Questions?

 
Real Estate Council of British Columbia, 900 – 750 West Pender Street, Vancouver, B.C., Canada V6C 2T8, Tel: 604-683-9664 | Toll-free: 1-877-683-9664, www.recbc.ca
 
This information is provided to you by the Real Estate Council of British Columbia (RECBC).
Your feedback is always welcome and can be sent to info@recbc.ca.