New information disclosure requirements for some real estate purchasers

Effective as of September 17, 2018, the province of BC will require additional information to be disclosed where real estate in the province is purchased through a trust or a corporation.

 

In such circumstances, the new property transfer tax return form will include disclosure of the following information:

name
date of birth
citizenship information
contact details
tax identification numbers (such as a social insurance number)
The new reporting requirements will apply to all property types, including residential and commercial. There will be exemptions for certain trusts, such as charitable trusts, and certain corporations, such as hospitals, schools, and libraries.

 

More information on the new reporting requirements can be found on the Ministry of Finance website by clicking here