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Advance Update Notice - Property Transfer Tax Changes

Please be advised that ProSuiteTM V8.6.1 will become available on Monday August 1st, 2016. During the upgrade ProSuite will be unavailable to customers between Sunday July 31st, at 10:00 pm and Monday August 1st at 6:00 am.

Changes

The Ministry of Finance has announced that effective August 2nd, 2016, an additional property transfer tax applies to residential property transfers to foreign entities in the Greater Vancouver Regional District. The Ministry also advises that foreign entities registering a transfer, or their legal representative, must file an Additional Property Transfer Tax Return (FIN 532). The Ministry of Finance’s Tax Information Sheet that can be read here provides details on how to apply the additional tax and how to file and pay the additional tax.

Click here to obtain a copy of the Additional Property Transfer Tax Return (FIN 532). For your convenience, a blank copy of this form can also be obtained through the ProSuite document generator. The form can be found on the Purchase tab and is called L-065 Additional Property Transfer Tax Return – Blank. Please note that this is a manual form prepared by the Ministry of Finance. The form is not populated by ProSuite and must be completed manually. If you have any questions regarding this form, please call the toll free number noted at the top of the form.

The LTSA in conjunction with the Ministry of Finance have announced that a new Property Transfer Tax (PTT) Form Version 27 will be released on August 2nd, 2016. This updated form is due to the introduction of the additional tax. For important information regarding this form, please read the LTSA announcement here.

The LTSA advises “if any transferee is liable for the Additional Tax you must complete the Additional Property Transfer Tax form and enter the tax calculated in Section E of that form into the new Additional Property Transfer Tax payable field in Section I of version 27 of the Property Transfer Tax form. This will automatically calculate the total tax payable in the existing field and ensure the correct amount of tax is withdrawn from the trust account”.

Please note that the additional tax must be entered into ProSuite manually. To assist you in dealing with this new tax in ProSuite, we have prepared an Additional Property Transfer Tax Workflow document. Click here to download a copy of this document from the ProSuite Help Center.

Need Help?

If you require further assistance, please contact customer service at 1.866.367.7648 or inquiries@doprocess.com.

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