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Inventory Center - Record Greater Vancouver Regional District (GVRD) Non-Resident Property Transfer Tax

Inventory Center - Record Greater Vancouver Regional District (GVRD) Non-Resident Property Transfer Tax

In this article:

About Greater Vancouver Regional District (GVRD) Non-Resident Property Transfer Tax

Effective August 2, 2016, foreign entities purchasing residential property in the Greater Vancouver Regional District (GVRD) must pay 15% property transfer tax in addition to the general property transfer tax. The additional tax applies on all applicable transfers registered with the Land Title Office on or after August 2, 2016, regardless of when the contract of purchase and sale was entered into.

Foreign entities:

  • Foreign entities are transferees that are foreign nationals, foreign corporations or taxable trustees.
  • Foreign nationals are transferees who are not Canadian citizens or permanent residents, including stateless persons.
  • Foreign corporations are transferees that are corporations:
    • not incorporated in Canada, or
    • incorporated in Canada, but controlled in whole or in part by a foreign national or other foreign corporation, unless the shares of the corporation are listed on a Canadian stock exchange Taxable trustees are trustees that are a foreign national or foreign corporation, or a beneficiary of a trust that is a foreign national or foreign corporation

The GVRD includes Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township, Lion’s Bay, Maple Ridge, New Westminster, North Vancouver City and District, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver, White Rock and Electoral Area A. The additional tax does not apply to properties located on Tsawwassen First Nation lands.

For more information, please refer to the Ministry of Finance Tax Information Sheet.

Set Up Fields to Record Non-Resident Property Transfer Tax Information

1 - In the Client Admin Center, click System and select Business Rules.

2 - Click on the Custom Fields tab and then Add Custom Field. 

3 - Add four text fields as follows:

  • FINTRAC Document Type – Purchaser 1
  • FINTRAC Document Type – Purchaser 2
  • FINTRAC Issuing Jurisdiction – Purchaser 1
  • FINTRAC Issuing Jurisdiction – Purchaser 2

Note 1: If there are units in the project with more than two purchasers, you will need to add as many document type and issuing jurisdiction custom fields as necessary to accommodate each purchaser’s information.

Note 2: Starting each field with FINTRAC will ensure they are listed together for the user entering the data in the Inventory Center. 

4 - Click on the Business Rule Sets tab.

5 - If you have an existing Business Rule Set for the projects to which the Non-Resident Property Transfer Tax applies, click on it; if not, click Add Rule Set.

Note: A Business Rule Set can be shared across projects but each project can have only one Business Rule Set.

6 - In the Assign Projects section, select the appropriate projects.

7 - In the Inventory section of the Custom Fields panel, select the FINTRAC custom fields and Save.

8 - In the Inventory Center, click on a unit in the Inventory List. You won't see Component tabs if there is only one.

9 - Click either Contract or Edit to ensure the custom fields have been added. They will be located under Additional Information.

10 - Hover over Project Settings and select Purchase Reasons.

11 - IF  there are NO  Purchasers with existing purchase reasons, click on each existing purchase reason (defaults are Investment Property, Primary Residence, and Secondary Residence), and add the prefix ‘Resident - ’ to each. IF  there ARE  purchasers with existing purchase peasons, DO NOT  update the existing purchase peasons but rather create new purchase peasons as in the next step. Otherwise, the purchase peasons of that have been recorded for existing purchasers will be updated to the new ones.

12 - Click on New Purchase Reasons and add the same purchase reasons with the prefix of ‘Non-Resident - ’ instead of ‘Resident - ’.

You should have the following:

  • Non-Resident – Investment Property
  • Non-Resident – Primary Residence
  • Non-Resident – Secondary
  • Residence Resident – Investment Property
  • Resident – Primary Residence
  • Resident – Secondary Residence

Record Non-Resident Property Transfer Tax Information

1 - In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 - Click on the unit in the Inventory List.

3 - Under Purchasers, click Assign.

4 - Using the Search for box, search for the purchaser and select.

5 - Under Selected Purchaser, click the drop-down beside Purchase Reason and select the appropriate ‘Non-Resident’ option.

6 - Select Purchaser Type and Sales Rep if needed and Save.

7 - Do this for each purchaser, if there is more than one.

8 - Click either Contract or Edit.

9 - Complete the FINTRAC fields under Additional Information, being sure to include each purchaser’s name in the manual entry fields, and Save.

The Inventory Export contains the custom field information. Hover over Inventory at the top of the page and select Inventory Export. Access the CSV file by clicking on Downloads.

taxdownloadinfo.jpg

Update Non-Resident Property Transfer Tax Information for Unit

1 - In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 - Click on the unit in the Inventory List.

3 - Under Purchasers, click the edit icon to the left of the purchaser name.

4 - Click on the dropdown beside Purchase Reason, select the appropriate option and Save.

5 - Click either Contract or Edit.

6 - Complete the FINTRAC fields under Additional Information, being sure to include each purchaser’s name in the manual entry fields, and Save.