Planned property tax changes will also apply to commercial assets

March 8, 2016 9:36 pm

the vancouver sun

The provincial government’s planned changes to the Property Transfer Tax Act to require real estate buyers to disclose their citizenship or residency status will also apply to the sale of commercial assets in British Columbia, the Finance Ministry has confirmed.

The changes to the act were announced last month in the 2016 provincial budget, and stem from a heated public debate in Metro Vancouver over the role of foreign investment in the region’s hot housing market.

Last week, Finance Ministry staff told the Sun the new disclosure rules will also apply to the sale of commercial assets in the province.

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