URGENT – Ministry of Finance Issues Updated Property Transfer Tax Form (Version 25) Effective February 17
Dear Valued Client,
Please note the following information from the BC Land Title & Survey Authority:
The Ministry of Finance has authorized a new Property Transfer Tax Form (version 25) due to legislation partly to come into effect February 17, 2016. The updated form is available for download here.
IMPORTANT: ONLY VERSION 25 OF THE PROPERTY TRANSFER TAX FORM WILL BE ACCEPTED EFFECTIVE FEBRUARY 17, 2016.
To facilitate the transition, the Ministry of Finance accepts as the signed copy, to be kept in your files, a version 24 form if such form was signed by your client prior to February 17, 2016. However, in order to file with the LTSA you have to execute a version 25 form and submit that version.
The collection of data announced in the budget speech on February 16, 2016 will occur with the next version of the form expected to be released late spring 2016.
The following changes have been made to the Property Transfer Tax form:
Postal code/Zip code for all Purchasers and any additional pages for purchasers. Section D8 – What percentage interest in this property is being transferred in this transaction? If claiming exemption code 05, G7: What is the relationship to transferor/settlor If claiming exemption code 05 or 41, G13: Who resides on the property and G14: For how long? years and months. If claiming exemption code 49 – Newly Built Homes; Citizenship, SIN and Birthdate. If the Citizenship field is not answered, the tax will not calculate correctly If claiming exemption code 49 – Section H1: Is the property larger than 0.5 hectares (1.24 acres)? You must select “YES” or “NO”.
New exemption code 49 added to the drop down selection when asked “Are you claiming an exemption”.
Qualifying values and proration added for exemption code 49. Section I – New threshold and additional tax rate; 3% on fair market value greater than $2 million added Section G5 – Administrator’s Certificate Number has been removed.
Note: Section G has been re-numbered due to this change.
Section G11 – Is all or any part of the property being leased? If NO is selected when exemption code 07 or 18 is claimed, the message “You do not qualify for the exemption claimed. A Notice of Assessment will be issued.” has been removed.
Validate Form button – as in version 24, if the required fields are not filled in, you will not be able to electronically 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.
If you have any questions or require assistance kindly contact Dye & Durham’s Real Estate Support Services department at [email protected] or 604-257-1810.