Earlier today, the British Columbia government announced that the property transfer tax rate payable by foreign entities on purchases of residential property in the Greater Vancouver Regional District will increase to 15%. This increase in PTT payable will come into effect on Tuesday, August 2, 2016, and will be payable regardless of when the purchase agreement for the property was entered into. The additional tax applies on a foreign entity’s proportionate share of any applicable residential property transfer, even in certain circumstances when the transaction may normally be exempt from property transfer tax. For further details, please see:

Sarah Jones
PartnerSubscribe to our newsletters
Stay current on business and legal news, topics and trends
Related Content

Clark Wilson acts for Pure Multi-Family REIT LP in closing US$39.1 million bought deal
Clark Wilson acted for Pure Multi-Family REIT LP (Pure) (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) in closing its bought deal public offering of 7,250,000 Class ... Continued

Family Law Considerations in Estate Planning
These materials were prepared by David W. Buchanan, Q.C. of Clark Wilson LLP, Vancouver, B.C. for a conference on Essentials of Estate Planning held in ... Continued

Clark Wilson Recognized in Canadian Lawyer’s Top 10 Regional Firms List
We are proud to announce our recognition in Canadian Lawyer magazine’s Top 10 Regional Firms list. This recognition is provided to firms based on service ... Continued