Information for Legal Professionals on Filing Property Transfer Tax
As a legal professional, you must file the property transfer tax return along with any other required forms through the Land Title and Survey Authority of B.C. (LTSA).
New Web Filing Property Transfer Tax Return
The new web filing property transfer tax return has been delayed from the previously announced April 20, 2020 date. The PDF property transfer tax returns continue to be available until further notice.
When the new web filing return becomes available through LTSA, you will see many improvements over the PDF forms, including combining all calculations into one process.
By Fall 2020, property transfer tax returns must be filed using LTSA’s web filing process. PDF versions will no longer be available. Contact us if you have any questions.
Features of Web Filing
- Dynamic entry – as you complete the return, you will be prompted to complete only the required information based on the selections you make
- Auto-populated information – for example, the legal description, municipality and regional district will auto-populate once you’ve entered a Parcel Identifier (PID) number
- All-in-one calculations – the web filing form calculates all property transfer tax, including the additional property transfer tax and the further 2% tax on residential property greater than $3 million. You no longer need to file separate PDF forms
- Built-in help – information previously contained in a separate guide is now provided as you complete the return
- Drag and drop attachments – additional documentation can be added quickly and easily to the return before you file
- PTT Return Web Filing Form – once you’ve completed the web filing return, a PDF copy will be provided summarizing all the information entered, including a breakdown of PTT calculations by transferee
You should be prepared to provide the following additional information.
- Whether the corporation is a foreign corporation
- Whether any of the shareholders of the corporation are foreign entities
- The jurisdiction of incorporation for all corporations
- If claiming Trustee/Bankruptcy (exemption code 12), a copy of the Bankruptcy Declaration document to attach to the web file
- The phone numbers for all directors, corporate interest holders, settlors and beneficiaries
When you complete the Property Transfer Tax Return or the Additional Property Transfer Tax Return (FIN 532) (PDF), you must provide us with specific information, where applicable, about each purchaser, director, settlor and beneficiary. Requested information includes:
- Legal names
- Business number for corporations
- Social Insurance Number (SIN) for individuals (for Canadian citizens, permanent residents and, if applicable, foreign nationals)
- Individual Tax Number, if available (for individuals who aren’t Canadian citizens or permanent residents)
- Date of birth
- Country of citizenship
See the Property Transfer Tax Return Guide to find out more about the specific information you have to provide.
Trustees and corporations that acquire property must identify all individuals with a beneficial interest in the trust or significant interest in the corporation on the property transfer tax return.
For beneficiaries of trust who are corporations, you must include the information on each director.
For each individual identified, you must include their:
- Date of birth
- Citizenship information
- Contact details
- Tax identifiers: Social Insurance Number (SIN), Individual Tax Number (ITN)
As with other information collected on the property transfer tax return, the data will be treated as confidential.
Where transactions involve Canadian citizens and permanent residents, their identity must be verified using official government-issued identification.
When you electronically certify the returns, you are confirming that you used due diligence to identify and verify citizenship information. If it is determined that you assented to or participated in a false or deceptive statement in a return, penalties may apply.
A Social Insurance Number (SIN) must be recorded on the Property Transfer Tax Return for Canadian citizens, permanent residents and, if available, for foreign nationals. A taxpayer can contact Service Canada to receive a SIN or replacement SIN card (paper).
Invalid SINs or other discrepancies on a return will lead to an audit and investigation of the transaction.
Additional Property Transfer Tax
If your client must pay the additional property transfer tax, the Additional Property Transfer Tax Return (FIN 532) (PDF) must be completed, signed by the client and submitted with the Property Transfer Tax Return. Use the Additional Property Transfer Tax Return to calculate the amount payable and enter the amount on the Property Transfer Tax Return.
Foreign national clients must still complete the Additional Property Transfer Tax Return (FIN 532) (PDF) even if they are exempt. If your client is exempt, you must:
- Enter $0.001 for the additional property transfer tax on the electronic Property Transfer Tax Return
- Attach the completed Additional Property Transfer Tax Return (FIN 532) (PDF) and any supporting documents to the Property Transfer Tax Return
Ensure you also attach any required supporting documents for the additional property transfer tax, such as documents proving citizenship, residency or trust status.
Find out how to add attachments to your Property Transfer Tax Return.
Further 2% Tax Rate on Residential Property Over $3,000,000
If your client must pay the further 2% tax on residential property over $3,000,000, the Property Transfer Tax Calculator for Residential Property over $3,000,000 (FIN 536) (PDF) must be completed and submitted with the property transfer tax return.
Find out how to add attachments to your property transfer tax return.
To apply for a refund, email your detailed refund request and any relevant documentation to firstname.lastname@example.org.
If you are eligible for a refund, a cheque will be issued to you. We don’t have the ability to redeposit funds back into your bank account.