Details on B.C.’s proposed to new 15 per cent tax on foreign home buyers
VICTORIA — New legislation introduced by the British Columbia government intends to charge a 15 per cent additional tax on foreign entities buying residential property in Metro Vancouver. Here are some facts about the proposed law:
Fighting Avoidance:
— All property transfer transactions will be subject to audits and all property transfer tax returns will be reviewed and verified.
— The audit period is six years from the day a property is transferred.