(Sardaka/Wikimedia Commons)

B.C. property buyers must give more details in measure aimed at tax evasion

Extra information will include name, citizenship and SIN, if bought through a corporation or trust

The B.C. government is closing a loophole in an effort to avoid tax evasion in real estate.

It says buyers, including real estate speculators, will have to disclose more complete information when they purchase a property through a corporation or trust.

Starting Sept. 17, the new property transfer tax will require people to report additional information, including their name, citizenship and social insurance number, if they purchase through a corporation or trust.

Finance Minister Carole James says the government wants to prevent people from skirting tax laws and hiding property ownership behind numbered companies and trusts.

The new reporting requirements will apply to all types of property, with exemptions for charitable trusts and certain corporations, such as hospitals and schools.

The changes are part of a series of steps the government is taking to address tax fraud in the real estate market that includes tracking pre-sale condos, sharing homeowner grant information with the federal government and boosting the ability of auditors to act on tax evasion.

READ MORE: B.C. creates public registry to track real estate owners

“These changes give authorities another tool to make sure people are paying the taxes they owe,” James says in a news release.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

2018 municipal election: Few surprises on Vancouver Island

16 incumbent mayors will continue in their positions for four more years

Mayoral results from across B.C.

Voters in 162 municipalities in B.C. set to elect mayor, council, school board and more

Every vote counts: 10 tightest races in B.C.’s municipal elections

Peachland saw their election decided by just one vote

Chemainus Theatre’s Outside Mullingar an Irish romantic comedy for the ages

A love story with all the charm and romance of Ireland wrapped… Continue reading

Woman speaks out after alleged sexual assault at Duncan Walmart

Allegations launched against man with ties to Ladysmith community

Tommy Chong says cannabis legalization makes him proud to be a Canadian

Legendary marijuana advocate and comedian celebrates cultural milestone at Kelowna event

B.C. oncologist changing the face of breast cancer treatment

Dr. Juanita Crook, a Kelowna oncologist, has seen 100 per cent success using brachytherapy to treat breast cancer in some patients.

B.C. Youtuber to seal himself ‘in a jar’ to demonstrate impacts of climate change

Kurtis Baute wants to see how long he can last in a 1,000 cubic foot, air-tight greenhouse

One of Taiwan’s fastest trains derails, killing at least 18

The train was carrying more than 360 people

Scheer marks one-year countdown to federal election with campaign-style speech

Conservative Leader insists that it will be Justin Trudeau who ‘makes it personal’

Canada Post union announces rotating strikes in four Canadian cities

Mail will still be delivered but it will be delayed

B.C. VIEWS: Residents have had enough of catering to squatters

Media myth of homeless victims offends those who know better

B.C. man sets new Canadian marathon record at Toronto Waterfront Marathon

Cam Levins ran it in two hours nine minutes 25 seconds

B.C. Liberals’ hopes high as Nanaimo by-election approaches

Historically safe NDP seat vacated by long-time MLA Leonard Krog

Most Read