"Effective Jan. 1, 2019, developers who sell strata lots in development properties must:
include terms and a notice in their contracts to inform buyers of the new collection and reporting requirements;
collect information, including the terms of the assignment and the name and social insurance number or business information of the parties to the assignment; and
report this information in the online register.
The B.C. government will provide this information to the Canada Revenue Agency so that transactions can be traced back to the assigner’s income tax return. This will ensure that people who assign condos are paying the appropriate income taxes."
"The register is one part of the B.C. government’s 30-Point Housing Plan to address housing affordability. Already, the government has taken several actions to address tax fraud and close loopholes in the real estate market, including:
Convened an Expert Panel on Money Laundering in Real Estate to identify systemic risks that leave the real estate and financial services sectors open to money laundering.
Consulting on legislation to establish a new, publicly accessible registry of beneficial owners of real estate in B.C.
Updating the property transfer tax return to uncover beneficial owners behind corporations and trusts.
Enacting legislation to allow information sharing on the homeowner grant with federal tax officials to improve tax enforcement.
Strengthening property transfer tax auditors’ ability to take action on tax evasion.
Establishing a federal-provincial working group on tax fraud and money laundering."