British Columbia has published a new Provincial Sales Tax (“PST”) bulletin on gifts. The bulletin discusses the application of PST to gifts brought into the province and whether the donor or recipient is required to pay or self-assess tax on the item.
Special rules for PST on gifts of boats, vehicles, and aircraft are also discussed, in addition to gifts received by registered charities or as part of an inheritance. Exemptions, refunds, and recordkeeping requirements are also reviewed.
The new bulletin can be found on the province’s website at: