B.C. government will create public registry to reveal who owns real estate
According to The Star Vancouver: In an effort to crack down on tax avoidance, the B.C. government will create a public registry to show who owns real estate in the province.
B.C.’s finance minister says the province has gotten a reputation for being a place to invest anonymously and hide wealth.
“Right now in B.C., real estate investors can hide behind numbered companies, offshore and domestic trusts, and corporations,” said Carole James in a statement. “Ending this type of hidden ownership in real estate will help us fight tax evasion, tax fraud and money laundering.”
In May, the Canada Revenue Agency reported it had identified nearly $600 million in unpaid taxes over the past three years by taking a closer look at Vancouver and Toronto’s real estate markets.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.