VANCOUVER—In an effort to crack down on tax avoidance, the B.C. government will create a public registry to show who owns real estate in the province.
B.C.’s finance minister says the province has gotten a reputation for being a place to invest anonymously and hide wealth.
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“Right now in B.C., real estate investors can hide behind numbered companies, offshore and domestic trusts, and corporations,” said Carole James in a statement. “Ending this type of hidden ownership in real estate will help us fight tax evasion, tax fraud and money laundering.”
In May, the Canada Revenue Agency reported it had identified nearly $600 million in unpaid taxes over the past three years by taking a closer look at Vancouver and Toronto’s real estate markets.