Section 4 BEFORE amended by BC Reg 117/2018, effective June 15, 2018.
Municipal tax sales
4 In the case of a transfer of the fee simple interest in land by notice under section 420 of the Local Government Act, the transferee shall, on demand made by the administrator after being notified by the municipality under the Local Government Act that a notice under section 420 of that Act has been forwarded to the registrar of land titles, remit tax to and file a return with the administrator.
Section 5 (2) BEFORE repealed by BC Reg 122/2010, effective March 3, 2010 [retro from May 5, 2010].
(2) Where a transferee pays tax in respect of a transfer that is for the purpose of reconveying property
(a) that was conveyed in error, or
(b) in respect of which an error was made in the description or survey under which title to the property was registered,
the administrator may, in accordance with the Financial Administration Act, refund out of the consolidated revenue fund to the transferee the amount of tax paid.
Section 5 (3) BEFORE amended by BC Reg 122/2010, effective March 3, 2010 [retro from May 5, 2010].
(3) Where tax is refunded to a person under section 23 (2) of the Act, the administrator may, in accordance with the Financial Administration Act, refund out of the consolidated revenue fund to that person the fees paid under the Land Title Act, except fees established by the Board of Directors under that Act, in respect of the transfer for which the refund of tax is made, less all cancellation fees.
Section 5 (1) BEFORE repealed by BC Reg 91/2013, effective April 1, 2013.
(1) If a person
(a) has paid tax under the Act in respect of a taxable transaction, and
(b) has also paid tax under the Social Service Tax Act in respect of a portion of the fair market value of the interest transferred under the same taxable transaction,
the administrator may, in accordance with the Financial Administration Act, refund out of the consolidated revenue fund to the person the amount of property transfer tax paid by that person in respect of the portion on which both property transfer tax and tax under the Social Service Tax Act have been paid.
Section 5 (4) was added by BC Reg 91/2013, effective April 1, 2013.
Section 6 (2) BEFORE amended by BC Reg 64/2021, effective March 11, 2021.
(2) No interest is payable on tax refunded to a person under section 23 of the Act or section 5 of this regulation unless the administrator fails to refund the tax within the period of 60 days after the person establishes that he is entitled to the refund.
Section 17.1 definition of "registration date", paragraph (c) was added by BC Reg 121/2021, effective June 1, 2020 [retro from May 3, 2021].
Section 18 (1) BEFORE repealed by BC Reg 108/2017, effective March 31, 2017.
"principal residence" has the same meaning as in section 12.01 (1) of the Act;
"provincial nominee" means an individual who is named in a valid nomination certificate issued by the government in accordance with an agreement referred to in section 8 (1) of the Immigration and Refugee Protection Act (Canada) between the government and Canada;
"qualifying transferee", in relation to a specified transaction referred to in subsection (2), means an individual who
(i) is both a foreign national and a provincial nominee, and
(ii) intends to inhabit the improvement referred to in subsection (2) (a) as the individual's principal residence,
(b) immediately after the registration of the transaction, holds an interest in the residential property that is the subject matter of the transaction in a capacity other than as a taxable trustee, and
(c) has not previously been a qualifying transferee under a specified transaction to which subsection (3) applies;
"registration date", in relation to a specified transaction, means the date on which the application for registration of the specified transaction is made at a land title office;
"specified transaction" means a taxable transaction for which an application for registration is made at a land title office before March 31, 2017;
"taxable transaction" means a taxable transaction to which section 2.02 (3) of the Act applies.
Section 21 (1) BEFORE repealed by BC Reg 121/2021, effective June 1, 2020 [retro from May 3, 2021].
(1) In this section, "registration date", in relation to a taxable transaction referred to in subsection (2), means the date on which the application for registration of the taxable transaction is made at a land title office.
Section 22 BEFORE re-enacted by BC Reg 121/2021, effective June 1, 2020 [retro from May 3, 2021].
Exemption for general partner in limited partnership
"foreign limited partner" means a limited partner that
(b) holds an interest in the limited partnership in trust for a foreign entity;
"general partner" has the same meaning as in Part 3 of the Partnership Act;
"limited partner" has the same meaning as in Part 3 of the Partnership Act;
"limited partnership" means a limited partnership
(a) formed under section 51 of the Partnership Act, or
(b) registered under section 80 of the Partnership Act;
"profit" includes compensation in the form of income on contributions made by limited partners;
"taxation year" has the same meaning as in section 249 (1) of the Income Tax Act (Canada).
(2) A transferee who is a general partner in a limited partnership is exempt from the obligation to pay tax under section 2.02 (3) (a) of the Act with respect to the transferee's proportionate share of a taxable transaction's fair market value if
(a) the transferee is acquiring the land that is the subject of the taxable transaction on behalf of the limited partnership, and
(b) all of the following conditions are met with respect to the limited partnership:
(i) on the date on which the application for registration of the taxable transaction is made at a land title office,
(A) each general partner is a Canadian citizen, a permanent resident of Canada or a corporation other than a foreign corporation, and
(B) the combined interest in the limited partnership of all foreign limited partners accounts for less than half of the entitlement of all partners to share in the profits of the limited partnership;
(ii) each general partner and limited partner is a resident of Canada for income tax purposes throughout the taxation year in which the taxable transaction occurs.
(3) An application for an exemption under this section must
(a) be in the form required by the administrator, and
(b) include a consent, in the form required by the administrator, by which the transferee consents to the administrator conducting inquiries that the administrator considers necessary to confirm that the transferee qualifies for the exemption.
[en. B.C. Reg. 107/2020.]