Ministry of Finance releases new LTT Statements effective December 16, 2017

  • December 08, 2017

The new provincial land transfer tax statements will be effective in Teraview on December 16, 2017.  The statements are described as follows:

  • New Statements by which transferees are to account for the application of the NRST.  These statements replace the obligation to account for NRST in statement 9151.  The statements are attributable to the transferee and not the solicitor. [Links to Documents 1 and 1f]
  • New statements by which transferees are to expressly acknowledge the existing obligation set out in the LTTA to keep documents, records and accounts as will enable an accurate determination of taxes payable under the Act.  The transferee is responsible for recordkeeping but may designate their solicitor (or another third party) as the custodian of the records. [Links to Documents 2 and 2f
  • A new Solicitor's Statement by which declarants who are solicitors are required to acknowledge that they have fulfilled their obligations as solicitors in accordance with the LSUC's Rules of Professional Conduct and its By-laws. [Links to Documents 3 and 3f]

The Ministry notes that, as of December 30, 2017, NRST will be collected by Teraview as part of the registration process.

A comfort letter, which describes how the MInistry will apply section 5.0.3 of the Act is found on this page as well. [Link to Document 4]