BC Government eyes pre-sale condos in tax evasion crackdown

Real estate developers will be required to collect and report information on pre-sale condo assignments if proposed laws are passed.

The British Columbia government wants to crackdown on tax evasion in the province and the new legislation will give local governments the powers to address the issue.

“For too long, people who resell condos before they have been built have been inflating real estate prices, without necessarily paying taxes on their gains,” said Carole James, Minister of Finance. “We are making it fairer for people who want to buy a condo, by making sure those who flip pre-sale condos are paying their fair share.”

The changes to the Real Estate Development Marketing Act will mean developers adding terms to their contracts informing buyers of the requirements to report their details to the provincial administrator designated under the Property Transfer Tax Act.

Sanjin, who is fluent in English, Serbian and Croatian, was born in former Yugoslavia.  He moved to Vancouver in 1993, where he fell in love with this city's natural beauty and wonders. Coming from mechanical engineering background, and working with Canadian Airlines and Air Canada technical departments for over 16 years, he decided it was time to pursue his new passion. In 2007 Sanjin started his Real Estate career, when he joined CENTURY 21 In Town Realty office in downtown Vancouver and became full-service REALTOR®. Sanjin chose to work with CENTURY 21® because of the company’s strong reputation as being bold, experienced, stable, and trustworthy, and also being one of the industry leaders when it comes to Real Estate, having an international reach and exposure. Sanjin is passionate about real estate, our incredible city, and working closely with people to achieve their goals. This passion has resulted in several awards like Century 21's Masters Ruby Award. Sanjin's passion above and beyond real estate is creating art, painting with acrylics on canvas, as well as local charity. Giving back to others in his community is very important to Sanjin, and that's why he is a proud sponsor of local Easter Seals.

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