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Property
Transfer Tax
British Columbia's 2006 Provincial Budget
Property Transfer Tax Act Amendments
Changes are Effective February 22, 2006
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| On February 21, 2006, the Minister of Finance announced amendments to the exemption for amalgamations, the exemption for transfers to the Public Guardian and Trustee on behalf of a minor, and the definition of a family farm corporation. |
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New Exemption for Amalgamations of British Columbia Societies
Transfer registrations received by the Land Title office on or after February 22, 2006, resulting from the amalgamation of two or more British Columbia societies under section 17 of the Society Act are exempt from property transfer tax. At the request of the administrator, the new society must provide a certificate of incorporation respecting the amalgamation.
This exemption parallels the existing exemption for registrations of transfers resulting from the amalgamation of two or more corporations under the Business Corporations Act and similar federal and provincial statutes. |
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Exemption for Transfers to the Public Guardian and Trustee on Behalf of a Minor Clarified
The exemption for transfers to the Public Guardian and Trustee (PGT) on behalf of a minor is amended. The amendment clarifies that the transfer of a recreational residence or a family farm from the estate of a deceased is exempt where the minor is a related individual of the deceased. |
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Clarification of the Definition of “Family Farm Corporation”
The Act is amended to clarify that a family farm corporation is a corporation of which the principal activity is farming farm land and no shareholder is a corporation. |
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