ARTICLE · 01 MARCH 2018

Highlights: The 2018 Provincial Budget

Alexander Holburn Beaudin + Lang LLP

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British Columbia's 2018 budget introduced certain changes to the taxation of real estate. This will affect residential real estate held personally, through other legal entities, or that falls into an estate or to a beneficiary of an estate.

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British Columbia's 2018 budget introduced certain changes to the taxation of real estate. This will affect residential real estate held personally, through other legal entities, or that falls into an estate or to a beneficiary of an estate.

Effective February 21, 2018, property transfer tax for residential property will increase from 3% to 5% (on the fair market value above $3,000,000). Property transfer tax is now calculated as 1% on the first $200,000, 2% up to $3,000,000 and 5% above $3,000,000.

Further, the additional property transfer tax applicable to foreign buyers of residential properties will increase from 15% to 20%. The application of this tax is also expanded from Metro Vancouver to include the Capital Regional District, the Regional District of Central Okanagan, the Fraser Valley Regional District, and the Regional District of Nanaimo.

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