Foreign Buyer’s Tax

Avoid Costly Mistakes Concerning the Foreign Buyers’ Tax #549

A recent BC Supreme Court decision (Shave v. Sommerey, 2022 BCSC 183) highlights the potential risks for REALTORS® working with buyers whose residency or citizenship status is unknown or has recently changed. The Property Transfer Act, RSBC 1996, c. 387 was amended in August 2016 to impose a surtax on the fair market value of

How the 2022 Federal Budget Impacts BC Real Estate

UPDATE – April 12, 2022: This post was updated to correct a figure related to the Multigenerational Home Renovation Tax Credit. The tax credit is up to $7,500, not $50,000 as previously stated. Budget 2022 was introduced on April 7 with a significant focus on the supply and affordability of housing in Canada. BCREA was encouraged

Federal Budget Recap: Foreign Buyers Tax Concerning, Other Measures Welcomed

On April 19, Canada’s Minister of Finance Chrystia Freeland introduced the Liberal government’s first budget since the beginning of the COVID-19 pandemic. The budget provides significant funds to many programs, including several to assist homeowners and renters, increasing the federal deficit by an estimated $382 billion, but also includes measures which are concerning to BCREA.

Updating Foreign Buyer Standard Forms Clauses

On February 20, the provincial government announced new tax measures to curb housing affordability in Budget 2018. Part of the measures introduced were to increase the percentage and geographical areas affected by the foreign buyer tax. Unlike the proposed speculation tax, which is still being developed and has a much longer implementation timeline, the changes

Government Needs Transitional Rules for All Transactions Impacted By Taxes Introduced in Budget 2018 — New Taxes Unlikely to Stabilize Housing Market

Victoria, BC – February 20, 2018. The British Columbia Real Estate Association (BCREA) calls on the government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018. The new tax measures come into effect on February 21, 2018. The Property Transfer Tax (PTT) increase to 5 per cent