B.C. to Introduce Exemption to 15% Foreign Buyers Tax for Individuals with Work Permits
The Premier of British Columbia Christy Clark has announced that the provincial government is “going to lift the foreign owners’ tax on people who have work permits, who are paying taxes and living in British Columbia”.
Following the recent implementation of an additional 15% property transfer tax on all purchases by foreign entities (including foreign nationals who are not Canadian citizens or permanent residents) of residential property in Metro Vancouver, the B.C. Government is now preparing to provide an exemption to the foreign buyers’ tax for individuals who live and work in the province with a valid Work Permit.
It is intended that this change will encourage skilled foreign workers to make British Columbia their home by eliminating the barrier the additional levy presents to those who contribute to the Province’s economy.
Details relating to when this change will come into effect and whether it will apply retroactively for those who have already paid the additional tax, have yet to be released.
For more information on this or any other development on B.C.’s real estate laws, please feel free to get in touch with us at [email protected] or by visiting our Vancouver office or by calling 1-800-604-1312
Content provided herein is for informational purposes only and should not be relied upon as legal advice.