B.C.’s Court of Appeal has upheld a $6-million foreign-homebuyers tax bill issued to the buyer of a Burnaby lowrise apartment building in 2020.
A numbered company, 1164708 B.C. Ltd., acquired a 38-unit, four-storey apartment building at 5978 Wilson Ave. in August 2018 for $30 million, according to a ruling this month.
The numbered company paid $1.418 million in property transfer tax, but the Ministry of Finance investigated and advised the company in December 2020 that it owed another $6 million under the additional property transfer tax, also called the foreign-homebuyers tax.
The ministry said the numbered company was a “foreign entity” or “taxable trustee” because it was controlled by a
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