Newspaper article The Canadian Press

Details on B.C.'S Proposed to New 15 per Cent Tax on Foreign Home Buyers

Newspaper article The Canadian Press

Details on B.C.'S Proposed to New 15 per Cent Tax on Foreign Home Buyers

Article excerpt

Details of a new B.C. tax on foreign buyers

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VICTORIA - New legislation introduced by the British Columbia government intends to charge a 15 per cent additional tax on foreign entities buying residential property in Metro Vancouver. Here are some facts about the proposed law:

Fighting Avoidance:

-- All property transfer transactions will be subject to audits and all property transfer tax returns will be reviewed and verified.

-- The audit period is six years from the day a property is transferred.

-- Failure to pay may result in a fine of up to $100,000 for individuals and $200,000 for corporations, or up to two years in prison.

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Defining foreign entities:

-- Classified as foreign nationals, foreign corporations or taxable trustees.

-- Foreign nationals are transferees who are not Canadian citizens or permanent residents. …

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