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British Columbia To Amend Foreign Buyers Tax

by Mike Godfrey, Tax-news.com, Washington

31 January 2017


The British Columbia Government is to amend the foreign buyers tax to exempt those with work permits.

Premier Christy Clark said: "We are going to lift the foreign owners tax on people who have work permits who are paying taxes and living in British Columbia, as a way to encourage more people to come."

An additional property transfer tax applies on residential property transfers to foreign entities in the Greater Vancouver Regional District. Since August 2016, the tax has been applied at 15 percent on the fair market value of the foreign entity's proportionate share of a residential property located in whole or in part of the Greater Vancouver Regional District, excluding Tsawwassen First Nation lands.

Clark's office is expected to release full details of the exemption shortly.

TAGS: tax | property tax | tax rates | Canada | tax breaks | tax reform

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