Forthcoming changes to assignment sales means it’ll be harder for buyers/flippers to avoid capital income tax reporting. And onus is being put on developers to collect and report info on all parties.
“On November 5, 2018, the provincial government of British Columbia approved amendments to theReal Estate Development Marketing Act and theReal Estate Development Marketing Regulations, in order to facilitate disclosure of information to provincial and federal authorities. Effective January 1, 2019, these amendments will require developers to (among other things):
- include certain prescribed terms and notices in their purchase agreements and their disclosure statements, in order to inform buyers of information collection and reporting requirements (which are triggered by an assignment of a purchase... “