PROPERTY TRANSFER TAX FORM V26
The LTSA in conjunction with the Ministry of Finance has announced they will be releasing a new Property Transfer Tax (PTT) Form Version 26 on June 10th, 2016. The Ministry will be updating the form to accommodate the collection of citizenship information as well as a few additional form changes. You can read the LTSA announcement here.
We are already working on the required changes to ProSuiteTM to ensure that we will be in a position to make the new version of the form available as soon as possible after it is released by the LTSA.
PTT FORM CHANGES POPULATED BY PROSUITE
A Yes/No option has been added to the top of the form for Is this a transfer of a bare trust? ProSuite will always select NO for this option. When you are dealing with a bare trust, change the default setting once the form has been generated.
INDIVIDUAL, CORPORATION, OTHER
Checkboxes for Individual, Corporation and Other have been added to each Purchaser. ProSuite will automatically select the correct option.
NEWLY BUILT HOME EXEMPTION CHECKBOX
The Are you applying for the first time home buyers’ exemption? checkbox has been expanded on the new PTT to include the newly built home exemption. The label on the form now reads Are you applying for the first time home buyers’ or newly built home exemption? This will be populated based on the corresponding field on the Buyers screen.
COUNTRY OF CITIZENSHIP
A Country of Citizenship field has been added for each individual purchaser on the new PTT form. ProSuite will populate this field with the contents of the Citizenship field on the Details tab of your contact record. If you did not complete the Citizenship field, you can select the appropriate entry from the drop down once the PTT is generated.
DIRECTORS OF CORPORATION
A new Directors of Corporation schedule has been added. Total number of directors and How many directors are Canadian citizens or permanent residents as defined in the Immigration and Refugee Protection Act Canada fields are available at the top of this schedule. If all Directors are Canadian citizens or permanent residents none of the individual director fields are accessible. Individual director fields are only completed for directors that are not Canadian citizens or permanent residents.
If Directors are added to your corporate buyer tab in ProSuite, the Directors of Corporation schedule will be added to the PTT when generated and all of the appropriate fields will be completed.
CHANGES TO BUYER SCREEN
We have added an Are you applying for the first time home buyers’ or newly built home exemption? checkbox to the Buyer’s tab. When applicable, select this option on the Buyer’s tab to ensure it is selected on the PTT form when generated.
How Do You Upgrade?
No software upgrade is required. When you generate the PTT for the first time, it should automatically download the latest version to your local LTO folder. If you experience any difficulties, we recommend you manually download the latest version by following these steps:
- On the main menu ribbon, click on User>Settings
- Click the Update Local LTO Files button
- ProSuite will display the download progress.
If you require further assistance, please contact customer service at 1.866.367.7648 or email@example.com.