Ministry of Finance Confirms Updated Property Transfer Tax Form (Version 26) in Effect June 10, 2016

The Ministry of Finance has authorized a new Property Transfer Tax (PTT) Form (version 26) effective June 10, 2016. The updated form is due to the collection of data legislation that was announced February 16, 2016 and is available for download through the Land Title and Survey Authority of BC (LTSA) website.IMPORTANT: ONLY VERSION 26 OF THE PROPERTY TRANSFER TAX FORM WILL BE ACCEPTED EFFECTIVE JUNE 10, 2016.To facilitate the transition, if a Property Transfer Tax Form version 25 has been executed by the purchaser prior to June 10, 2016, the Ministry of Finance has advised that it will be acceptable for the submitter to take the following steps:Retain the executed Property Transfer Tax Form version 25. Do not submit this form.Fill out and electronically sign a Property Transfer Tax form version 26 with the information contained in version 25, and include the new information required, as set out below. Version 26 does not need to be executed by the purchaser.Submit the electronically signed Property Transfer Tax form version 26 to the land title office.The following changes have been made to the Property Transfer Tax form:Required Fields:1. Select Yes or No to identify whether the transfer is to register a bare trust.If Yes is selected, an additional page will be created to enter information for the Settlors and Beneficiaries.Select whether they are an Individual, Corporation or Other.If Individual is selected, answer Yes or No to the question “On the date of registration, are you a Canadian citizen or a permanent resident as defined in the Immigration and Refugee Protection Act (Canada)?”Select the country of citizenship. If there is more than one country of citizenship, select all that apply using the “ADD” button.The address for each of the Settlors and Beneficiaries must be filled in.If Company is selected, an additional page will be created. Fill in the “Total number of directors”Fill in the names of all directors, their country of citizenship (all that applies) and address.2. Section A and Additional Purchaser/Transferee pages:Select if the Purchaser/Transferee is an Individual, a Corporation or Other. If Individual is selected, answer Yes or No to the question “On the date of registration, are you a Canadian citizen or a permanent resident as defined in the Immigration and Refugee Protection Act (Canada)?Select the country of citizenship.  If there is more than one country of citizenship, select all that apply using the “ADD” button.If Corporation is selected an additional page will be created. Fill in the “Total number of directors” and “How many directors are Canadian citizens or permanent residents as defined in the Immigration and Refugee Protection Act (Canada)?”Fill in the names of all non-Canadian Directors and their country of citizenship, select all that apply using the “ADD” button.3. For the Postal code/Zip code section and any additional pages for purchasers, enter UNK for Canada and NCA otherwise if there is no valid postal code.4. Section H – If applying for a principal residence exemption you must answer Yes or No to question 1a “Is the property larger than 0.5 hectares (1.24 acres)?” and 1b “Are the improvements entirely residential?”Validate Form button – as in version 25, if the required fields are not filled in, you will not be able to electronically sign the form. There will be a list of the missing required fields and once they are completed, you will be able to apply your electronic signature.If you encounter any issues with completing the Property Transfer Tax form, please 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.