HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

Definitions

1  In this Act,

"assignment of pre-sale contracts" means when the buyer of a pre-sale housing contract, including without limitation a condominium unit in development, sells their ownership rights to the finished home before that home is available for occupancy;

"sale price" means the total money transferred to the seller of a property by the purchaser for transfer of title;

"taxable income" means the same as in the Income Tax Act;

"taxpayer" means a person liable for payment of tax under this Act.

2  A taxpayer must include in their taxable income an amount equal to 50% of the increase from the price the taxpayer paid for the assignment of a pre-sale contract to the sale price of the assignment of the pre-sale contract when the contract is transferred.

3  This tax shall be net of transaction, deposit and any other associated fees paid.

4  A taxpayer who is not a Canadian resident but who disposes of a taxable British Columbia property shall be required to adhere to the provisions laid out in the Income Tax Act.

5  This Act comes into force by regulation of the Lieutenant Governor in Council.