New Property Transfer Tax Form Released
Please be advised that the Ministry of Finance has authorized a new Property Transfer Tax Form (version 23) for release.
Please note, when filling out Section J of the form, your BC OnLine Account Number must be entered in the “Account owner” (number) field. If a BC OnLine User ID is entered in the “Account name” field, the form will be rejected. Your BC OnLine Account Number is required regardless of whether tax is being paid.
Use of the older version 22 of the form will result in a warning message, and ultimately the older version 22 will no longer be accepted.
The following is a complete list of the changes to the Property Transfer Tax Form:
First Time Home Buyers’ (FTHB) required fields for all FTHB claimants. These fields are: Birth date Social Insurance No. Previous address for the last two years Are you a first time home buyer and applying for the exemption? Declaration Section Section H – Proportional Principal Residence Calculation Section H1 is also a required field when claiming any Principal residence exemptions, ie.,05, 40, 41, 42. You must select “YES” or “NO”. Required field when claiming exemption code 41 or 42:Section G8 now obtains and prints the relationship information when “other” is selected. Section G8 – What is the relationship to transferor/settlor? New “Validate Form” button in section J. If the required fields are not filled in, you will not be able to digitally sign the form. There will be a list of the missing required fields and once they are completed, you will be able to apply your digital signature. PST notation added to Section F – Allocation of Gross Purchase Price (Non-residential Properties Only). Added to sections G11, G16 and G17 a “NO” box. Additional pages now print in the order they were created. Section I7 open for all types of transfers. If not needed simply click “OK” when the reminder message appears. Section J the “Account owner” and “Authorized submitter” fields have increased space to 9 digits instead of 8 to accommodate the move to myLTSA.
Please click here for the updated form.
If you have any questions, please contact Dye & Durham’s Real Estate Support Services at [email protected] or at 604 257-1810.