The Ministry of Finance has announced starting September 17, 2018, a new Property Transfer Tax return will be in effect to allow government to ensure the correct amount of tax is paid on property purchases made through a corporation or trust.

The new reporting requirements will apply to all property types, including residential and commercial. There will be exemptions for certain trusts (such as charitable trusts) and certain corporations, such as hospitals, schools and libraries. The updated return will require the following additional information about individuals with a significant interest in the corporation or trust:

  • Name
  • Date of Birth
  • Citizenship
  • Contact Details
  • Tax Identification Numbers (ie Social Insurance Number)

This change complements other actions outlined in the Province's 30-point plan for housing affordability.

Contact the Ministry of Finance Property Transfer Tax Helpline at 1-888-355-2700 (toll free within Canada), or visit the Province's Property Transfer Tax website for more information.