New Property Transfer Tax Disclosure Requirements for BC Bare Trusts

The BC government has a new rule for property transfer tax disclosure requirements. Effective June 10, the individual taking the land title needs to disclose whether he or she (or a corporation) holds the title in a bare trust. Holding land in a bare trust means that although you have the title, it is held for someone else who is the actual owner. This measure is likely being added to help get a handle on the lower mainland’s red-hot property market, as it was also introduced with the requirement to disclose citizenship for non-residents during property transfer, which gained a lot of press coverage. Whether or not this measure actually solves anything is another matter, but at least the government can say this did something.

For more info on the specifics, see Stan Rule’s blog post Here
For the actual form, see the BC Land Title & Survey site

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