Time To Clean Up The Title To Your House

In recent years, the provincial and federal governments have brought into effect several layers of legislation that are aimed at addressing residential housing concerns in British Columbia and Canada. Examples, but not an exhaustive list, of this legislation include Speculation Tax, Under-Used House Tax, and Additional Property Transfer Tax.

Many of these new regimes require constant disclosure and filings, which means that most people are aware whether these apply to them. But that is not necessarily the case for the Additional Property Transfer Tax or "APTT". Many people may unexpectedly and unnecessarily fall into this regime.

APTT is a property transfer tax, broadly speaking, that is levied on any person who is not a Canadian citizen or a permanent resident who takes a legal interest in residential property in British Columbia in certain specified areas. Once APTT applies, there is no discretionary appeal. APTT is equal to 20% of the fair market value of the