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 over 35 years, we’ve provided integrated financial services and advice to make businesses more successful. We’re large enough to deliver this breadth and depth of advice, but small enough that you get direct access to senior advisors.
One-stop shopping for financial services will raise the bar of your financial … MORE INFO ...
|© Copyright 2014. Nilson & Company. All rights reserved.|