At Singleton Reynolds, our people are what makes us great. We come together every day with the common goal of providing exceptional legal services and ensuring we go above and beyond for each and every client.
The range of backgrounds of the partners, counsel, associates and staff of Singleton Reynolds enables us to offer a broad range of services.
Singleton Reynolds’ lawyers spend a significant amount of time researching and thinking about how industry or legislative changes could affect your business.
Singleton Urquhart Reynolds Vogel LLP is recognized as a leader in construction and infrastructure, insurance, commercial litigation, real estate and business law.
Singleton Reynolds has offices to serve you in Vancouver and Toronto.
Singleton Reynolds believes in community. Our team members are teaching at Canadian universities and abroad, lecturing the next generation of lawyers.
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Recognizing the leadership that contributes to the company successes.
Singleton Reynolds prides itself in being a leader in corporate social responsibility. We encourage diversity, charity, mentorship, civic dedication and neighbourhood support.
Singleton Reynolds strives to understand the balance between your career and your personal goals and encourages our legal and operations staff in the pursuit of their interests outside of the firm.
Our goal is to develop strong lawyers from student right through to partner. Mentoring and training start when you are a student and continue throughout your practice.
We are always on the lookout for talented professionals to contribute to our team. Singleton Reynolds offers a professional and challenging work environment, with a competitive compensation and benefits package.
On February 16 the B.C. government announced the 2016 budget and introduced a number of significant changes with respect to the province’s property transfer tax (PTT) regime. Property transfer tax is payable in accordance with the Property Transfer Tax Act, which provides that PTT applies to any transfer of title to real estate in B.C., subject to certain exemptions.
Previously, property transfer tax was calculated at a rate of 1% on the first $200,000 of the fair market value of a property and 2% on the remaining portion. A new tax rate of 3% is now applicable to the transfer of properties with a fair market value greater than $2,000,000. Accordingly, PTT will now be charged at a rate of:
The above rates apply to all transfers registered on or after February 17, 2016; they do not apply retroactively to transfers registered before February 17, 2016.
The B.C. government also established a new exemption from the payment of property transfer tax with respect to newly built homes, including, for example, a house or a new apartment in a newly built condominium building. In order to qualify for the exemption, the purchaser must be a Canadian citizen or permanent resident, and must move into the home within 92 days after the date when the transfer is registered in the applicable Land Title Office. As well, the purchaser must occupy the home as their principal residence for not less than one year after the registration date, subject to certain exceptions.
If a transaction qualifies for the exemption, a purchaser of a home with a fair market value of up to $750,000 is eligible for a full exemption from the tax. Further, a purchaser of a home with a fair market value of up to $800,000 is eligible for a partial exemption. Similar to the new PTT tax rate, the newly built home exemption is not available retroactively and may only be claimed with respect to transfers registered on or after February 17, 2016.
Effective immediately, purchasers claiming the newly built home exemption will be required to comply with the following requirements:
These disclosure requirements will apply to all purchasers in the near future.
For more information on changes to the PTT regime and real estate law in general, please contact Susan Do, firstname.lastname@example.org, or Allison Godey, email@example.com.
Or call toll-free at 1-877-682-4404
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