ADVANCE UPGRADE NOTICE
We are pleased to announce that the new Property Transfer Tax (PTT) calculations will become available in our Brief ConveyTM Version 9.3.2 on Saturday, March 5th, 2016. During the upgrade Brief Convey will be unavailable to customers between Friday, March4th at 10:00 pm to Saturday, March 5th at 6:00 am.
PURCHASERS>INDIVIDUAL TAB CHANGES
Only buyers that are Canadian citizens or permanent residents are eligible for the new PTT exemption for Newly Built Homes. To facilitate the PTT calculation under this circumstance, a new Canadian citizen/permanent resident field will be added to the Purchasers>Individual tab.
PTT DETAIL TAB CHANGES
Exemption code 49 – Newly Built Homes will be added to the PTT Exemption drop down field.
We have also removed information that no longer applies.
PTT TAX CALCULATION CHANGES
The new PTT calculation for exemption 49 – Newly Built Homes will be available. This calculation requires the following:
- PTT Detail>PTT Exemption field must be set to 49 – Newly Built Homes
- Each Purchasers % Interest Acquired field must be set to the appropriate percent acquired
- Each Purchasers Canadian citizen/permanent resident field should be set correctly
- Fair Market Value/Interest in Property must be less than $800,000
The PTT calculation for property with a Net Land Value over $2 million will be available. This calculation requires the following:
- Fair Market Value/Interest in Property must be greater than $2 million
- Completion date must be later than February 16, 2017