Tax Laws: Property and Estate Speculators

tax laws: Finance Minister Carole James says the government wants to prevent people from skirting tax laws and hiding property ownership behind numbered companies and trusts, according to Vancouver Courier. The new reporting requirements will apply to all types of property, with exemptions for charitable trusts and certain corporations, such as hospitals and schools. It says buyers, including real estate speculators, will have to disclose more complete information when they purchase a property through a corporation or trust.article continues below Trending Stories Man shot dead in East Van neighbourhood Wednesday night So you want to set up a pot shop Bus service cut worries Champlain seniors Vancouver needs to spend 1 billion to prepare for one metre rise in sea level 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. 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 Related Topics var related Url var related Link Class relatedlink-processed ; if related Url && ! -1 var related UrlFrags related Url.split '/' ; related Url './' -1 ; related Link Class ul var related Url var related Link Class relatedlink-processed ; if related Url && ! -1 var related UrlFrags related Url.split '/' ; related Url './' -1 ; related Link Class ul var related Url var related Link Class relatedlink-processed ; if related Url && ! -1 var related UrlFrags related Url.split '/' ; related Url './' -1 ; related Link Class ul var related Url var related Link Class relatedlink-processed ; if related Url && ! -1 var related UrlFrags related Url.split '/' ; related Url './' -1 ; related Link Class ul 2018 Vancouver Courier These changes give authorities another tool to make sure people are paying the taxes they owe, James says in a news release. (www.immigrantscanada.com). As reported in the news.