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| This is part of an archived statute consolidation that is current to September 15, 2003 and includes changes enacted and in force by that date. |
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| SECTION | EFFECTIVE DATE | ||
| 1 | November 1, 2000 | ||
| February 19, 2003 | |||
| 1.2 | February 19, 2003 | ||
| 4 | February 19, 2003 | ||
| 5 | February 19, 2003 | ||
| 6 | February 19, 2003 | ||
| 7 | February 19, 2003 | ||
| 8 | February 19, 2003 | ||
| 9 | February 19, 2003 | ||
| 10 | February 19, 2003 | ||
| 12 | February 19, 2003 | ||
| 14 | November 1, 2000 | ||
| July 12, 2002 | |||
| January 1, 2003 | |||
| March 14, 2003 | |||
| February 19, 2003 | |||
Section1(1) definitions of "parent", "related individual" and "spouse" BEFORE amended by 2000-24-31 effective November 1, 2000 (BC Reg 280/00).
"parent" includes a person who is the stepmother or stepfather of the child, if a stepparent relationship is established
(a) by marriage between the stepparent and the mother or father of the child, or
(b) by the stepparent and the mother or father of the child living together as husband and wife for not less than 2 years although not married to each other;
"related individual" means a spouse, parent, child, grandparent, grandchild, greatgrandparent, greatgrandchild, mother-in-law, father-in-law, grandmother-in-law, grandfather-in-law, greatgrandmother-in-law, greatgrandfather-in-law, daughter-in-law, son-in-law, granddaughter-in-law, grandson-in-law, greatgranddaughter-in-law or greatgrandson-in-law;
"spouse" means a person who
(a) is married to another person, or
(b) is living with another person as husband and wife and has lived with that person for a continuous period of at least 2 years;
Section 1(1) definition of "related person" was added by 2003-3-28 effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
Section 1.2(1) definition of "related person" BEFORE repealed by 2003-3-29 effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
"related person" means a person who is
(a) a related individual, or
(b) a related person within the meaning of section 251 of the Income Tax Act (Canada).
(2) Subject to section 1.1 and subsection (3) of this section, this section applies in relation to a taxable transaction if
(a) the previous holder and the new holder are the same person or are related persons, and
(b) the interest of the previous holder was not registered in the land title office or, when that interest was registered, tax under this Act was not payable.
(3) This section does not apply if the interest of the previous holder
(a) was registered before March 23, 1987, or
(b) was a registered interest in the estate in fee simple as a joint tenant or a tenant in common.
(4) For the purposes of determining the fair market value of an estate in fee simple in relation to a taxable transaction to which this section applies, the fair market value is deemed to be the fair market value of the estate in fee simple determined in accordance with paragraph (a) of the definition of "fair market value", but as if the fee simple were not subject to the interest of the previous holder.
Section 4(b) in the definition of "eligible security" BEFORE amended by 2003-3-30(a) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(b) is between the transferee and a person who is not a related individual to the transferee, and
Section 4 definition of "first time home buyer" BEFORE amended by 2003-3-30(b) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
"first time home buyer" means an individual who
(a) is a Canadian citizen or is lawfully admitted to Canada for permanent residence,
(b) continuously maintained that individual's principal residence in British Columbia throughout a period of not less than one year immediately before the registration date, and
(c) has not previously held a registered interest in land, whether in British Columbia or elsewhere, that constituted the individual's principal residence;
Section 4 definition of "qualifying property" BEFORE amended by 2003-3-30(c) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
"qualifying property" means a property the fair market value of which does not, on the registration date, exceed the qualifying value of that property;
Section 4(a) in the definition of "qualifying value" BEFORE amended by 2003-3-30(d) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(a) $275 000 if the property is located in the Greater Vancouver Regional District, the Central Fraser Valley Regional District, the Dewdney-Alouette Regional District, the Fraser-Cheam Regional District or the Capital Regional District, or
Section 5(1) BEFORE amended by 2003-3-31(a) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(1) Subject to sections 6 to 12, a transferee who applies for registration of an eligible transaction at a land title office is exempt from the obligation to pay tax under section 2 (1) (a) on that transaction if
Section 5(1.1) was added by 2003-3-31(b) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
Section 6(1) and (2) BEFORE amended by 2003-3-32(a) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(1) If a qualifying property that is the subject matter of an eligible transaction is larger than 0.5 ha in area, a transferee who qualifies for an exemption under section 5 is exempt from the obligation to pay tax under section 2 (1) (a) on that transaction
(a) in respect of that portion of the fair market value of the property that is applicable to the residential improvement in which the transferee establishes a qualifying residence within the meaning of section 8 (2) on the property, and
(b) in respect of that portion of the fair market value of the property, not including improvements, that is equivalent to the ratio of 0.5 ha to the total area of the property.
(2) If a qualifying property not referred to in subsection (1) is the subject matter of an eligible transaction and has improvements on it that are in addition to the residential improvement in which the transferee establishes a qualifying residence within the meaning of section 8 (2), a transferee who qualifies for an exemption under section 5 is exempt from the obligation to pay tax under section 2 (1) (a) on that transaction
(a) in respect of that portion of the fair market value of the property that is applicable to that residential improvement, and
(b) in respect of the fair market value of the property, not including improvements.
Section 6(3) was added by 2003-3-32(b) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
Section 7(1) BEFORE amended by 2003-3-33(a) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(1) A transferee entitled to an exemption in respect of an eligible transaction under section 5 or 6 who fails to apply for that exemption on the registration date may, within 18 months after that date, apply to the administrator under subsection (2) for a refund of the tax paid on the registration of the transaction by the transferee.
Section 7(1.1) and (2.1) were added by 2003-3-33(b) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
Section 7(3) BEFORE amended by 2003-3-33(c) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(3) If an application for a refund under subsection (1) is refused, the administrator must send a letter to the applicant stating the reason for the refusal, and the letter is deemed to be a notice of assessment for the purposes of allowing the applicant to file a notice of objection under section 19.
Section 8(2) BEFORE amended by 2003-3-34(a) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(2) For the purposes of subsection (1) (a), a transferee establishes a qualifying residence on a property if
(a) the property contains a residential improvement on the registration date and the residential improvement is the transferee's principal residence throughout a period beginning on a date that is not more than 92 days after the registration date and continuing to a date that is not earlier than the first anniversary date of the registration date, or
(b) the property does not contain a residential improvement on the registration date, and, within 12 months after that date,
(i) a residential improvement is constructed on the property,
(ii) the transferee inhabits the residential improvement, as the transferee's principal residence, between the time it is completed and the first anniversary date of the registration date, and
(iii) the total of the fair market value of the property as at the registration date and the costs incurred to establish the residential improvement does not exceed the qualifying value of the property.
Section 8(3)(a) BEFORE amended by 2003-3-34(b) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(a) is between the transferee and a person who is not a related individual to the transferee,
Section 9(1)(c) BEFORE amended by 2003-3-35(a) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(c) fails, refuses or ceases to comply with section 8.
Section 9(2) BEFORE amended by 2003-3-35(b) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
(2) A transferee referred to in subsection (1) must pay to the administrator as a tax liability the amount of tax that the transferee would have been obliged to pay under section 2 (1) (a) had the transferee not received the exemption or refund.
Section 9(1.1) and (2.1) were added by 2003-3-35(c) effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
Section 10 BEFORE amended by 2003-3-36 effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
Section 9 (1) and (2) does not apply to a transferee who has obtained an exemption under section 5 or 6 or a refund under section 7 if
Section 12 BEFORE amended by 2003-3-37 effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
12 A transferee who obtains an exemption under section 5 or 6 or a refund under section 7 must pay to the administrator, in addition to the amount of tax that the transferee is obliged to pay to the administrator under section 9, a penalty equal to that amount of tax if
(a) the transferee is not qualified under section 5 to receive an exemption, and
(b) the administrator determines that the declaration provided by the transferee under section 5 (2) or the application for refund provided by the transferee under section 7 is false or misleading in respect of the matters referred to in paragraph (c) of the definition of "first time home buyer".
Section 14(4)(a) BEFORE amended by 2002-61-19 effective March 14, 2003 (BC Reg 78/03).
(a) a transfer to a board or council as defined by section 1 of the Health Authorities Act for the purposes of that Act;
Section 14(4)(e) BEFORE repealed by 2002-25-65 effective January 1, 2003 (BC Reg 348/02).
(e) a transfer to the corporation established under Part 3 of the Hospital Act;
Section 14(4)(f) BEFORE repealed by 2002-25-65 effective July 12, 2002 (BC Reg 200/02).
(f) a transfer to the corporation continued under section 2 of the Health Research Foundation Act;
Section14(4)(r) BEFORE amended by 2000-24-32 effective November 1, 2000 (BC Reg 280/00).
(r) a transfer from the Director, the Veterans' Land Act (Canada), to a veteran or the spouse, widow or widower of a veteran;
Section 14 definition "related individual" BEFORE amended by 2003-3-38 effective February 19, 2003 [retro from March 12, 2003 (Royal Assent)].
"related individual" means a related individual who is a citizen or a permanent resident of Canada;
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