Bare Trust Corporations

WHEREAS most residential property purchasers in British Columbia pay a Property Transfer Tax of 1 on the first 200,000 value and 2 on amounts beyond; AND WHEREAS many corporations and others avoid paying the provincial Property Transfer Tax on large property purchases by forming bare trust corporations to hold ownership of property: THEREFORE BE IT RESOLVED that the Government of British Columbia amend legislation to close the bare trust corporation Property Transfer Tax loophole.