On November 27, CBABC delivered a letter asking the Minister of Finance and MLAs to meaningfully engage real estate lawyers early regarding a proposed end to the property transfer tax loophole for sale of properties by trusts.
An agreement signed by the BC Green Caucus and the BC NDP Caucus signals possible amendments to the Property Transfer Tax Act, but consultations have not yet been communicated. Should the government consider changes to the Act , CBABC recommends:
- Greater transparency to avoid uncertainty around affected contracts, estate planning and tax remittance procedures, helping prevent failed transactions and loss of deposits.
- Reasonable timelines or transition periods to help safeguard existing transactions and reduce disruption.
CBABC’s Real Estate Committee led the development of this letter.
Questions? Email us at advocacy@cbabc.org.