Changes to B.C.’s property transfer tax omits beneficial ownership

By Noah Sarna and Zheting Su ( April 13, 2018, 8:57 AM EDT) -- British Columbia recently passed a budget bill with significant changes to the province’s Property Transfer Tax Act. The amendments include a new increased tax rate that applies to the purchase of a residential property worth more than $3 million; extending the geographical scope and raising the rate of the foreign buyers tax (FBT), which is governed by the same statute as the basic Property Transfer Tax (PTT); expanding the general anti-avoidance provision to apply to the entire regime (and not only to the FBT); and introducing a new administrative penalty regime for avoidance and evasion....