Bare Trust Company

[LillianHo]

Anyone have advice on setting up bare trust company for commercial real estate purchase? My lawyer is suggesting to have one, most benefit is when I sell the property. What's your experience and thought?

 

[Thomas Beyer]

Wat province is this as real estate is highly provincial ?

As an FYI, if BC, this loophole will likely be closed in BC soon by the new AG David Eby http://vancouversun.com/news/local-news/affordability-an-issue-for-election

 

[LillianHo]

Thomas, thank you for your input. It is in BC. I will think about it.

 

[Thomas Beyer]

Most commercial real estate lawyers can set this up. Easy. Change the beneficiary on sale. Same title. Thus, pay no land transfer tax. An ( unintended ) consequence of high land transfer taxes.

 

[LillianHo]

Anyone had ever set up a bare trust when you purchased commercial property?