Budget Measures Implementation Act, 2010
Bill 2
Royal Assent:
Mar. 31, 2010 |
- Makes way for some of the functions of the Homeowner Protection Office to be moved to BC Housing (effective April 1, if passed)
- Establishes the Industry and Consumer Advisory Council for the residential construction industry (effective April 1, if passed)
- Ends the Provincial Sales Tax Relief Grant Program with the implementation of the Harmonized Sales Tax (effective June 30, if approved); this program provides grant assistance to owners of water-damaged homes who have repaired damage caused by building envelope failure
- Enables the Northern and Rural Home Owner Benefit as an increase to the home owner grant for those areas of the province outside the Greater Vancouver Regional District, the Fraser Valley Regional District and the Capital Regional District for the 2011 taxation year (effective January 1, 2011, if passed)
- Enables the Property Tax Deferment for Families with Children allowing homeowners to defer property taxes until their home is sold, transferred to a new owner or becomes part of an estate (effective March 3)
- Amends the Property Transfer Tax Act to clarify that no PTT is payable on transfers to correct a conveyancing error; the requirement that an administrator’s certificate be obtained prior to registration of the transfers to correct the error is eliminated (effective March 3)
- Amends the Property Transfer Tax Act to reinstate an exemption for transfers required to amend a strata plan; the new exemption is similar to the exemptions provided for transfers for subdivisions; transfers resulting from amendments to strata plans are fully exempt where owners do not receive an increased interest as a result of the amendment; where an owner receives an increased interest, PTT is payable on the fair market value of the increased interest (effective March 3)
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Mischellaneous Statutes Amendment Act, 2010
Bill 4
Royal Assent:
Mar. 31, 2010 |
Makes several changes to the Water Act, including:
- measures to ensure more reliable analysis of groundwater quality
- extending from 12 months to 24 months the maximum term of a short-term diversion or use of water approval
- amending the time limit for starting a prosecution for an offence under the Act to create consistency with other environmental laws
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Finance Statutes Amendment Act, 2010
Bill 6
Royal Assent:
Mar. 31, 2010 |
Authorizes the Lieutenant Governor to make regulations about grant applications and about who may certify that a person is a person with disabilities.
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Consumption Tax Rebate and Transition Act
Bill 9
Royal Assent:
Apr. 29, 2010 |
Makes way for implementation of the Harmonized Sales Tax (HST) by proposing, among other measures, the repeal of the Social Service Tax Act (provincial sales tax) and the Hotel Room Tax Act.
The HST will apply to new and substantially renovated homes at a rate of 12% (as opposed to the current 5% GST), and also increase fees for professionals involved in real estate transactions to 12% from 5%.
The government has created a rebate under which, on average, buyers of new homes up to $525,000 would not pay any more provincial tax due to harmonization than is currently embedded as PST in the price of a new home. Buyers of new homes above $525,000 will be eligible for a rebate of about $26,250.
Click here for information about BCREA's position on the HST. |
Protected Areas of British Columbia Amendment Act, 2010
Bill 15
Royal Assent:
June 3, 2010 |
Establishes seven new “Class A” provincial parks, one new conservancy, and expands 12 existing provincial parks
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Finance Statutes Amendment Act (No. 2), 2010
Bill 19
Royal Assent:
June 3, 2010 |
Amends the Land Tax Deferment Act enabling a homeowner to add their spouse to title without having to terminate an existing tax deferment agreement and pay the deferred taxes |
