The government of British Columbia has introduced Bill 28
– 2016 Miscellaneous Statutes (Housing Priority Initiatives)
Amendment Act, 2016 ("Bill 28")
which will amend the Property Transfer Tax Act (British
Columbia) (the "Act") to
require that foreign nationals, foreign-controlled corporations and
certain trustees, pay an additional 15% property transfer tax (the
"Additional Transfer Tax") when
purchasing residential property in the Greater Vancouver Regional
District.
1. Who is subject to the Additional Transfer Tax?
The Additional Transfer Tax will apply to transactions involving
a "foreign entity", which the Act defines as both a
"foreign national" and a "foreign corporation".
Foreign nationals are defined in the Act as persons who are not
Canadian citizens or permanent residents of Canada. Foreign
corporations are defined as corporations that are not incorporated
in Canada, or corporations that are incorporated in Canada, but are
not listed on a Canadian
