Taxation – “Unproductive Use” of Canadian Housing by Foreign Non-resident Owners

The 2021 Federal budget proposes to introduce a new national one percent (1.00%) tax on the value of non-resident, non-Canadian owned residential real estate property considered to be vacant or underused. The tax applies to owners other than…

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Land Owner Transparency Registry

Pre-existing owners that are "reporting bodies" (as defined in the legislation) with an interest in land are required to file a transparency report by November 30, 2021.

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New Disclosure of Benficial Ownership in British Columbia

The British Columbia New Democratic Party Government, has introduced legislation, to force the disclosure of the benefical ownership of real estate and shares of Britis Columbia corporates.

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Land Owner Transparency Act

The Government of British Columbia has committed to a 30-Point Plan for Housing Affordability.  A part of the recently announced plan, involves the ending the “hidden ownership” of real estate to make sure people are paying their fair…

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Mortgage Stress Test – Update

The Office of the Superintendent of Financial Institutions Canada (OSFI) announced a number of new mortgage rules which came into effect on January 1, 2018. The new rules, which affect all Canadians renewing or refinancing a mortgage, will require…

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Vancouver Empty Homes Tax

Effective January 1, 2017, Vancouver home owners are subject to an empty home tax of 1% of the property’s assessed value (the “Tax”), pursuant to Vacancy Tax By-law No. 11674 (the “By-law”). In accordance with the By-law, all…

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Purchase of Real Property and the “Lawyer Approval” Clause

In recent years, some Canadian cities have experienced a dynamic shift in their housing market. Market factors such as a strong global economy, an increased desire amongst foreign buyers to own Canadian real property, the influx of out…

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Foreign Buyer Tax – An Australian Perspective

British Columbia and Ontario have both recently instituted a Foreign Buyers Tax (B.C.) (the “FBT”) and a Non Resident Speculation Tax (Ontario) (the “NRST”), in an effort to address escalating home price and, arguably, the general supply imbalance.…

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Changes to Principal Residence Exemption Announced Today

Minister of Finance, Bill Morneau, announced a major change to the rules regarding the Principal Residence Exemption.

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Anti-Avoidance Rules in the Property Transfer Tax Act (British Columbia)

Commentary on the Anti-Avoidance Rules contained in the Property Transfer Tax Act (British Columbia).

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