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BC Home Flipping Tax What is it? As of January 1, 2025, the BC home flipping tax is now in effect. This new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia. How it works The tax applies to income from sales of residential properties, presale…
Underground Oil Storage Tanks (UST) What is it? Many homes in the Greater Vancouver area built before 1957 were initially heated with furnace oil. When natural gas became available, the underground oil storage tanks (USTs), usually located in backyards, were often filled with sand or capped. However, as these tanks corrode over time, residual oil…
BC Foreign Buyer Tax What is it? If you are a foreign national, foreign corporation, or taxable trustee, you are required to pay an additional property transfer tax on your share of the property in certain regions of British Columbia. This additional tax is 20% of the fair market value of your proportionate share. Applicable…
The Foreign Buyers Ban What is it? The foreign buyer ban was made effective January 1, 2023, which prohibits the purchase of residential property on a federal level in Canada by foreign commercial enterprises and Non-Canadians. More formally, Non-Canadians include any individuals who are not Canadian citizens, permanent residents, or persons registered under the Indian…