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A new rule to enhance transparency in B.C.’s real estate and construction sector will see condo developers submitting quarterly reports on pre-sale assets.
New Condo and Strata Assignment Integrity Register to Impact Developers
Condo developers in B.C. now must provide details on pre-sale condo purchases to a unique registry linking the data to the Canada Revenue Agency.
On February 25, 2019, the B.C. government launched the Condo and Strata Assignment Integrity Register (CSAIR). Under CSAIR, developers of real estate in B.C. are now required to collect and submit certain information on all assignments of purchase agreements around pre-sale condo and strata lots signed on or after January 1, 2019.
The provincial government had announced its intention to establish a new database on pre-sale condo assignments in February 2018, as part of its 2018 budget. Eight months later, in November 2018, the B.C. government released regulations to create the new database.
Under the new rules, certain information must be filed in the CSAIR on a quarterly basis and no later than 30 days after the end of each quarter, until the related strata plan is deposited with the land title office. For example, a developer must file its first quarterly report for the period January 1, 2019 to March 31, 2019 no later than April 30, 2019.
If there are no assignments during the reporting period, the developer must file a statement certifying such. Information is reported in CSAIR on-line through myLTSA account.
The above quarterly reporting also applies when the strata plan is deposited. Moreover, developers must also report information that identifies all assignments related to the development property, including the final parcel identifier that relates to each strata lot assigned.
This additional reporting is required within 30 days after December 31, and then annually for the subsequent six years until the earlier of the time:
The required information for CSAIR is comprehensive in respect of both the assignor and assignee and includes, among other things, appropriate tax identification numbers. Developers should review all of the information requirements of CSAIR and ensure they have a system in place for purposes of collecting and reporting the required information.
How MNP Can Help
Our Real Estate and Construction group of advisors can help you better understand the CSAIR reporting requirements and assist with reviewing your system and / or processes to ensure the required information is being collected, stored and reported accordingly.
For more information on how these changes could affect your business contact Kevin Wong, Regional Tax Leader, Vancouver at 604.637.1546 or [email protected] or your local
MNP business advisor.
Client Groups:Real Estate ＆ Construction
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