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The BCREA Blog is a platform for sharing the latest education news, economics statistics, issues relating to the profession and links to valuable resources for REALTORS®, stakeholders and the public.

Revised PTT Return

Published Nov 21, 2017

As of November 27, 2017, the BC Government will require a new version (version 29) of the Property Transfer Tax (PTT) return. The following new information will be collected by lawyers and notaries when completing the PTT return:

  • From buyers:iStock Signing Contract 2.XSmall
    • Date of birth
    • Business Number (corporate transferee)
    • Individual Tax Number (foreign buyer, if applicable)
    • Provincial Nominee Program and certificate number (foreign buyer, if applicable)
    • Whether property will be used as principal residence
    • Daytime phone number for each buyer
  • From sellers:
    • Residency status under the Income Tax Act
    • Contact information:
      • Address
      • Phone number

**Edit (updated: 11/22/17): The additional information is required by legal professionals in order to complete and digitally sign the PTT Return prior to electronic submission to the Land Title and Survey Authority of BC

Here’s what REALTORS® need to know:

  • You don’t have to make any changes to your practice or the information you collect.
  • If your client asks whether the conveyancer needs their personal information, you can confirm that the information is required or the property transfer might not go through.

More information:

 

 

 

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