Skip to main content

In This Volume

2.01 In this section and sections 2.02 and 2.03:

  • “controlled”, in relation to the control of a corporation, means controlled, directly or indirectly in any manner whatever, within the meaning of section 256 of the Income Tax Act (Canada);
  • “foreign corporation” means a corporation that is one of the following:
  • (a) a corporation that is not incorporated in Canada;
  • (b) unless the shares of the corporation are listed on a Canadian stock exchange, a corporation that is incorporated in Canada and is controlled by one or more of the following:
    • (i) a foreign national;
    • (ii) a corporation that is not incorporated in Canada;
    • (iii) a corporation that would, if each share of the corporation’s capital stock that is owned by a foreign national or by a corporation described in paragraph (a) of this definition were owned by a particular person, be controlled by the particular person;
  • “foreign entity” means a foreign national or a foreign corporation;
  • “foreign national” means an individual who is a foreign national as defined in section 2(1) of the Immigration and Refugee Protection Act (Canada);
  • “residential property” means any of the following:
  • (a) land or improvements, or both, as defined in section 1(1) of the Assessment Act, that are described as class 1 property in section 1 of the Prescribed Classes of Property Regulation, B.C. Reg. 438/81, but does not include prescribed land or improvements;
  • (b) an area of land, not including improvements, that
    • (i) is not larger than 0.5 ha in area, and
    • (ii) is classified as a farm under the Assessment Act only because the land is used for
      • (A) an owner’s dwelling as defined in section 23(0.1) of the Assessment Act, or
      • (B) a farmer’s dwelling as defined in section 1(1) of the Classification of Land as a Farm Regulation, B.C. Reg. 411/95;
  • “specified area” means any of the following:
  • (a) the Metro Vancouver Regional District, other than both of the following;
    • (i) subject to paragraph (b), the treaty lands of the Tsawwassen First Nation;
    • (ii) a prescribed area within the Metro Vancouver Regional District;
  • (b) the treaty lands of the Tsawwassen First Nation, if those treaty lands are prescribed for the purposes of this definition;
  • (c) a prescribed area that is not within the Metro Vancouver Regional District;
  • “taxable trustee”, in relation to a taxable transaction, means a trustee of a trust in respect of which
  • (a) any trustee is a foreign entity, or
  • (b) no trustee is a foreign entity but, immediately after the registration of the taxable transaction, a beneficiary of the trust who is a foreign entity holds a beneficial interest in the residential property to which that taxable transaction relates;
  • “trust” does not include the following:
  • (a) a mutual fund trust within the meaning of section 132(6) of the Income Tax Act (Canada);
  • (b) a real estate investment trust as defined in section 122.1(1) of the Income Tax Act (Canada);
  • (c) a SIFT trust as defined in section 122.1(1) of the Income Tax Act (Canada).

2016-27-3, effective August 2, 2016 am. 2018-23-53.