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"Point in Time" Regulation Content

Property Transfer Tax Act

Property Transfer Tax Regulation

B.C. Reg. 74/88

NOTE: Links below go to reg content as it was prior to the changes made on the effective date. (PIT covers changes made from September 19, 2009 to present)
SECTIONEFFECTIVE DATE
Section 4 June 15, 2018
Section 5 March 3, 2010
[retro from May 5, 2010]
April 1, 2013
Part 4 August 2, 2016
[retro from March 31, 2017]
February 21, 2018
Division 1 Section 17.01 to 17.04 February 21, 2018
Division 2 February 21, 2018
Section 17.1 March 31, 2017
February 21, 2018
Section 18 August 2, 2016
[retro from March 31, 2017]
March 31, 2017
Section 19 March 31, 2017
Section 20 March 31, 2017
Section 21 August 2, 2017

 Section 4 BEFORE amended by BC Reg 117/2018, effective June 15, 2018.

Municipal tax sales

4   In the case of a transfer of the fee simple interest in land by notice under section 420 of the Local Government Act, the transferee shall, on demand made by the administrator after being notified by the municipality under the Local Government Act that a notice under section 420 of that Act has been forwarded to the registrar of land titles, remit tax to and file a return with the administrator.

 Section 5 (2) BEFORE repealed by BC Reg 122/2010, effective March 3, 2010 [retro from May 5, 2010].

(2)  Where a transferee pays tax in respect of a transfer that is for the purpose of reconveying property

(a) that was conveyed in error, or

(b) in respect of which an error was made in the description or survey under which title to the property was registered,

the administrator may, in accordance with the Financial Administration Act, refund out of the consolidated revenue fund to the transferee the amount of tax paid.

 Section 5 (3) BEFORE amended by BC Reg 122/2010, effective March 3, 2010 [retro from May 5, 2010].

(3)  Where tax is refunded to a person under section 23 (2) of the Act, the administrator may, in accordance with the Financial Administration Act, refund out of the consolidated revenue fund to that person the fees paid under the Land Title Act, except fees established by the Board of Directors under that Act, in respect of the transfer for which the refund of tax is made, less all cancellation fees.

  Section 5 (1) BEFORE repealed by BC Reg 91/2013, effective April 1, 2013.

(1)  If a person

(a) has paid tax under the Act in respect of a taxable transaction, and

(b) has also paid tax under the Social Service Tax Act in respect of a portion of the fair market value of the interest transferred under the same taxable transaction,

the administrator may, in accordance with the Financial Administration Act, refund out of the consolidated revenue fund to the person the amount of property transfer tax paid by that person in respect of the portion on which both property transfer tax and tax under the Social Service Tax Act have been paid.

 Section 5 (4) was added by BC Reg 91/2013, effective April 1, 2013.

 Part 4 was enacted by BC Reg 108/2017, effective August 2, 2016 [retro from March 31, 2017].

 Part 4, title BEFORE amended by BC Reg 21/2018, effective February 21, 2018.

Part 4 — Additional Tax Under Act

 Division 1, sections 17.01 to 17.04 was enacted by BC Reg 21/2018, effective February 21, 2018.

 Division 2, heading was enacted by BC Reg 21/2018, effective February 21, 2018.

 Section 17.1 was enacted by BC Reg 108/2017, effective March 31, 2017.

 Section 17.1 (part) BEFORE amended by BC Reg 21/2018, effective February 21, 2018.

Definitions

17.1   In this Part:

 Section 18 was enacted by BC Reg 108/2017, effective August 2, 2016 [retro from March 31, 2017].

 Section 18 (1) BEFORE repealed by BC Reg 108/2017, effective March 31, 2017.

(1) In this section:

"principal residence" has the same meaning as in section 12.01 (1) of the Act;

"provincial nominee" means an individual who is named in a valid nomination certificate issued by the government in accordance with an agreement referred to in section 8 (1) of the Immigration and Refugee Protection Act (Canada) between the government and Canada;

"qualifying transferee", in relation to a specified transaction referred to in subsection (2), means an individual who

(a) on the registration date,

(i) is both a foreign national and a provincial nominee, and

(ii) intends to inhabit the improvement referred to in subsection (2) (a) as the individual's principal residence,

(b) immediately after the registration of the transaction, holds an interest in the residential property that is the subject matter of the transaction in a capacity other than as a taxable trustee, and

(c) has not previously been a qualifying transferee under a specified transaction to which subsection (3) applies;

"registration date", in relation to a specified transaction, means the date on which the application for registration of the specified transaction is made at a land title office;

"specified transaction" means a taxable transaction for which an application for registration is made at a land title office before March 31, 2017;

"taxable transaction" means a taxable transaction to which section 2.02 (3) of the Act applies.

 Section 19 was enacted by BC Reg 108/2017, effective March 31, 2017.

 Section 20 was enacted by BC Reg 108/2017, effective March 31, 2017.

 Section 21 was enacted by BC Reg 108/2017, effective August 2, 2017.