(Sardaka/Wikimedia Commons)

B.C. property buyers must give more details in measure aimed at tax evasion

Extra information will include name, citizenship and SIN, if bought through a corporation or trust

The B.C. government is closing a loophole in an effort to avoid tax evasion in real estate.

It says buyers, including real estate speculators, will have to disclose more complete information when they purchase a property through a corporation or trust.

Starting Sept. 17, the new property transfer tax will require people to report additional information, including their name, citizenship and social insurance number, if they purchase through a corporation or trust.

Finance Minister Carole James says the government wants to prevent people from skirting tax laws and hiding property ownership behind numbered companies and trusts.

The new reporting requirements will apply to all types of property, with exemptions for charitable trusts and certain corporations, such as hospitals and schools.

The changes are part of a series of steps the government is taking to address tax fraud in the real estate market that includes tracking pre-sale condos, sharing homeowner grant information with the federal government and boosting the ability of auditors to act on tax evasion.

READ MORE: B.C. creates public registry to track real estate owners

“These changes give authorities another tool to make sure people are paying the taxes they owe,” James says in a news release.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Your weekly Mountain Minute

Golden’s 60-second news recap

An Everest fundraiser

Man set to climb elevation of Mt. Everest in one day to raise school lunch funds

Interior Health study offers take-home drug testing kits to spot fentanyl

Interior Health to evaluate safety of at home drug testing kits aimed at reducing fentanyl overdoses

Golden Fire Rescue training grounds get a facelift

Residents may have noticed some changes at the fire hall in the… Continue reading

Area A Aquatic Feasibility Advisory Committee appointed

Submitted A committee has been formed to look into the idea of… Continue reading

QUIZ: Test your knowledge of Victoria Day

How much do you know about the monarch whose day we celebrate each May?

Search crews rescue kids, 6 and 7, stranded overnight on Coquitlam mountain

The father and two youngesters fell down a steep and treachorous cliff while hiking on Burke Mountain

Raptors beat Bucks 118-112 in 2OT thriller

Leonard has 36 points as Toronto cuts Milwaukee’s series lead to 2-1

‘Teams that win are tight’: B.C. Lions search for chemistry at training camp

The Lions added more than 50 new faces over the off-season, from coaching staff to key players

Rescue crews suspend search for Okanagan kayaker missing for three days

71-year-old Zygmunt Janiewicz was reported missing Friday

B.C. VIEWS: Reality of our plastic recycling routine exposed

Turns out dear old China wasn’t doing such a great job

Carbon dioxide at highest levels for over 2.5 million years, expert warns of 100 years of disruption

CO2 levels rising rapidly, now higher than at any point in humanity’s history

B.C. ferry stops to let black bear swim past near Nanaimo

Queen of Oak Bay brakes for wildlife in Nanaimo’s Departure Bay

Mother dead, child in critical condition after carbon monoxide poisoning at Shuswap campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

Most Read