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Volume 61, No. 4

21/2018

The British Columbia Gazette,

Part II

February 27, 2018

B.C. Reg. 21/2018 , deposited February 20, 2018, under the PROPERTY TRANSFER TAX ACT [section 37]. Order in Council 65/2018, approved and ordered February 20, 2018.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective February 21, 2018, the Property Transfer Tax Regulation, B.C. Reg. 74/88, is amended as set out in the attached Appendix.

— C. JAMES, Minister of Finance and Deputy Premier ; S. SIMPSON, Presiding Member of the Executive Council .

Appendix

1 The heading to

Part 4 of the Property Transfer Tax Regulation, B.C. Reg. 74/88, is repealed and the following substituted:

Part 4 – Additional Tax for Foreign Entities and Taxable Trustees .

2 The following Division is added to

Part 4:

Division 1 – Specified Areas and Rate of Tax

Specified areas

17.01 For the purposes of paragraph (

c) of the definition of “specified area” in

section 2.01 of the Act, each of the following is a specified area:

(

a) Capital Regional District;

(

b) Regional District of Central Okanagan;

(

c) Fraser Valley Regional District;

(

d) Regional District of Nanaimo.

Rate of tax

17.02 For the purposes of

section 2.02 (4) of the Act, the rate of tax is 20%.

Transition for specified areas – transfer under court order, foreclosure, separation agreement, joint tenancy or estate of deceased

17.03

(1) A transferee is exempt from the payment of tax under

section 2.02 (3) (

a) of the Act in respect of a taxable transaction if all of the following apply:

(

a) the subject matter of the taxable transaction includes residential property located, in whole or in part, within a specified area referred to in

section 17.01 of this regulation;

(

b) the subject matter of the taxable transaction does not include residential property located, in part, in the Metro Vancouver Regional District;

(

c) the taxable transaction is one of the following:

(

i) a transfer under a court order made before February 21, 2018;

(ii) a transfer under an order absolute of foreclosure, if the order nisi of foreclosure was made before February 21, 2018;

(iii) a transfer from a transferor to a transferee who is a spouse or former spouse of the transferor, if the transfer is made pursuant to a written separation agreement under the Family Law Act and the written separation agreement was made before February 21, 2018;

(iv) a transfer by operation of law to the survivor of a joint tenancy of the land consequent on the death of a joint tenant of the land, if the joint tenant died before February 21, 2018;

(

v) a transfer from a transferor who is a personal representative to a transferee who is a beneficiary of an estate of a deceased person, if the deceased person died before February 21, 2018;

(

d) the transferee tenders with the application for registration of the taxable transaction an application for an exemption under this section.

(2) An application for an exemption under this

section must

(

a) be in the form required by the minister, and

(

b) include a consent, in the form required by the minister, by which the transferee consents to the administrator conducting inquiries that the administrator considers necessary to confirm that the transferee qualifies for the exemption.

Transition for specified areas – transfer under written agreement

17.04

(1) Subject to subsection (3), a transferee is exempt from the payment of tax under

section 2.02 (3) (

a) of the Act in respect of a taxable transaction if all of the following apply:

(

a) the subject matter of the taxable transaction includes residential property located, in whole or in part, within a specified area referred to in

section 17.01 of this regulation;

(

b) the subject matter of the taxable transaction does not include residential property located, in part, in the Metro Vancouver Regional District;

(

c) the taxable transaction is a transfer under a written agreement made before February 21, 2018;

(

d) the taxable transaction is not a transfer to which

section 17.03 (1) of this regulation applies;

(

e) the application for registration of the taxable transaction is made at a land title office on or before May 18, 2018;

(

f) the transferee tenders with the application for registration of the taxable transaction

(

i) an application for an exemption under this section, and

(ii) a true copy of the written agreement referred to in paragraph (

c) of this subsection.

(2) An application for an exemption under this

section must

(

a) be in the form required by the minister, and

(

b) include a consent, in the form required by the minister, by which the transferee consents to the administrator conducting inquiries that the administrator considers necessary to confirm that the transferee qualifies for the exemption.

(3) Subsection (1) does not apply if, on or after February 21, 2018, the written agreement referred to in subsection (1) (

c) is assigned to a transferee who is a foreign entity or taxable trustee.

3 The following heading is added before

section 17.1:

Division 2 – Exemptions and Refunds .

Section 17.1 is amended by striking out “ In this Part: ” and substituting “ In this Division: ”.

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