CBC NEWS: BC claims millions in property transfer taxes at stake in battle over debt-ridden projects
The province of BC claims buyers of massive debt-ridden real estate projects are trying to dodge millions in property transfer taxes through a unique financial mechanism supposedly designed only for "exceptional circumstances." With cash-strapped developers facing stiff economic headwinds, the province wants Canada's top court to weigh in on the increased use of so-called "reverse vesting orders" in insolvency proceedings — claiming both the public purse and Indigenous consultation are at stake ... CLICK HERE for the full story