What is the Foreign-buyers tax?
Q: What is the Foreign-buyers tax?
A: The Foreign-buyers tax is a property transfer tax of 15% on residential property purchased by foreign buyers in British Columbia.
Q: How often is a property transfer tax paid?
A: A property transfer tax is paid only once for each property owner.
Q: How often are property taxes paid?
A: Property taxes are paid every year.
Q: What did the amendments to the Property Transfer Tax Act involve?
A: The amendments to the Property Transfer Tax Act involved imposing an additional property transfer tax of 15% of the assessed value on property purchased by those who are neither citizens nor residents of Canada.
Q: What is the Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016?
A: The Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016 is omnibus legislation that includes the Foreign-buyers tax.
Q: Why was the Foreign-buyers tax introduced?
A: The Foreign-buyers tax was introduced after calls urging the British Columbia provincial government to intervene in the housing market and curb foreign investment that was seen as a major contributor to the rapid rise in home prices.
Q: Who is subject to the Foreign-buyers tax?
A: The Foreign-buyers tax applies to those who are neither citizens nor residents of Canada and purchase residential property in British Columbia.
