Sections: Real Estate Tax Regimes

  • December 01, 2018

BC and Vancouver have seen many changes to real estate taxes this past couple of years, with some enacted and some coming into legislation. The incoming Land Owner Transparency Act, Speculation Tax, Foreign Buyers Tax, Vacancy Tax and other selective tax issues have altered the landscape of residential and commercial property taxes. In light of this, CBABC Sections have been very busy this year, discussing these topical issues.

On October 30, the Wills & Trusts – Vancouver Section welcomed Michael Ventresca, Associate, Blake, Cassels & Graydon LLP and Ian Worland of Legacy Tax & Trust Lawyers to give a presentation on the Land Owner Transparency Act. On June 20, 2018, the BC Ministry of Finance released a white paper on draft legislation that will require reporting on beneficial ownership of land in BC. The stated intention behind this draft legislation, titled the Land Owner Transparency Act, is to end hidden ownership of real estate to prevent tax evasion, fraud and money laundering. Michael Ventresca discussed the scope and effect of this proposed legislation from a commercial real estate law perspective, and Ian Worland spoke about the STEP submissions and what planners need to consider.

To watch this thorough presentation, the recording can be viewed here.

On October 23, the Banking Law Section welcomed Scott Gorski, Associate (Tax), Borden Ladner Gervais LLP, to lead a conversation about the potential impact of legislation on lending, specifically from the context of the incoming Land Owner Transparency Act and Speculation Tax. Going into the background of the housing crises, Gorski led the discussion toward an overview of the property taxes affecting purchasers and home owners, introducing the new BC Speculation and Vacancy Taxes, discussing their background, goals, targets, jurisdictions, tax rates, ownership, declarations, exemptions, tax credits and administration/enforcement.

To watch this informative presentation, the recording can be viewed here.

On October 17, the Taxation Law Section and the Real Property – Vancouver Sections welcomed Noah M. Sarna, Partner, Thorsteinssons LLP, to give his in-depth and up-to-date summary on the new and unique taxes imposed on the purchase and use of residential realty in Vancouver and across the province, more specifically, on the rules concerning the Foreign Buyer Tax, the Vacancy Tax and the Speculation Tax. Diving into these discussions, Sarna spoke to the implications of each of these taxes, giving a full understanding of how your practice will be affected by these unique taxes on the purchase and use of residential realty.

To watch this thorough presentation, the recording can be viewed here.

 On October 10, the Commercial & Real Estate – Okanagan Section welcomed Dave Gautier, CPA, CA – Managing Director, and Lynn Wong, CPA, CA – Incorporated Partner, of Crowe MacKay Kelowna Office, to discuss these relevant real estate taxation issues that are of concern in commercial and real property transactions. Gautier discussed in-depth each of the aforementioned taxes, as well as the Additional School Tax and BC Payroll Tax. This primer on the new taxes is the perfect introduction for lawyers who are looking for a quick birds-eye view of these taxes.

To read about these taxes, the PowerPoint can be viewed here.

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