British Columbia sets citizenship disclosure for home buyers

Calgary

BRITISH Columbia will require home buyers to disclose their citizenship to help the government monitor foreign ownership and address a housing boom that has made Vancouver one of the least affordable cities in the world.

Proposed changes to the property transfer tax will enable the government to collect information on property buyers, including their citizenship status and whether they hold the property as bare trustees. Bare trusts are typically used for real estate assets, and pass taxes and benefits directly to the beneficiary.