General Application of Property Transfer Tax (PTT) Property transfer tax (PTT) is a provincial tax payable by all persons acquiring interest(s) in property in British Columbia. Most commonly, an acquirer of an interest in property is a buyer who purchases a property from an arms-length seller, but an acquirer can also include persons receiving property […]
Property Transfer Tax: Application, Rates and Common Exemptions Read More »
The Canadian Federal Government has made important changes to the Income Tax Act, newly requiring trustees – including trustees of bare trusts – to file a T3 Trust Income Tax and Information Return, for the tax year ending December 31, 2023, prior to the federal deadline (90 days after the trust’s year end date). Prior
New Trust Reporting Rules: Impacts Upon Real Estate (Bare) Trusts Read More »
As a notary public, I get a lot of calls about real estate, estate planning and transferring property between family members. If you’re considering adding or removing an owner from title, or transferring (an interest in) property between family members, here’s what you need to know. What is a family transfer? A “family transfer” of
Family Transfers in Real Estate Read More »
Your home is often your most valuable asset. It’s also something you care for, maintain, improve, personalize and cherish. For this reason, “home” to many people means a safe place. And yet, title fraud has been on the rise – primarily in Ontario, but also in BC – and is causing concern for many homeowners.
Combatting Title Fraud Read More »
Title insurance protects the policyholder from financial loss – including associated legal expenses – incurred as a direct result of fraud and unforeseen title challenges and defects. Coverages & Inclusions Fraud Title fraud is a crime that occurs when a fraudster successfully represents himself as the property owner in order to either (1) sell the
The Perks of Title Insurance Read More »
British Columbians enjoy the benefit of one of the greatest land title registry systems in the world. Our provincial system combines English common law and Australian Torrens system principles, resulting in an efficient, convenient system that guarantees title and brings certainty to land ownership. Historical Context: Uncertainty & Risk in Land Ownership Under the original
Security & Certainty for BC Property Owners Read More »
What is a Form F? A Strata Form F Information Certificate is written verification from a strata corporation that there is no outstanding balance – including strata fees, special levies, fines, chargeback costs – owed by the strata lot owner. Like a strata Form B Information Certificate, each Strata Form F is uniquely created for
Strata Form F Certificate of Payment Read More »
What is a Form B? A strata Form B Information Certificate is a document that provides critical information about both the strata corporation and a specific strata lot, including: the amount of the regular monthly strata fees; the balance of any arrears and special levies for a specific unit; allocation of parking stalls and storage
The Importance of a Strata Form B Information Certificate Read More »
More than 1.5 million British Columbians – about 30% of the population – live in strata housing; 1 considering stratification trends, increasing market prices, and the realization that strata housing can offer an unparalleled level of security, convenience and/or amenities for a price point that cannot be met in non-strata homes, it can only be expected
Strata Corporations Read More »
There are many compelling reasons to have a Will, but what actually happens when a person dies without leaving a Will? In British Columbia, the Wills, Estates and Succession Act (WESA) provides the intestacy rules. Administration Pursuant to section 130 of WESA, when a person dies without a Will, the court may grant administration of the
Death Without a Will: A Look at BC’s Intestacy Legislation Read More »
