All assignment agreements entered into May 7, 2022 and onwards are taxable for GST/HST purposes.

GST/HST Notice 323 - Proposed GST/HST Treatment of Assignment Sales provides questions and answers, including information on timing, deposits, and tax rebates.

This is important information for your clients, which your Board previously noted was announced in the federal Budget 2022. 

An assignment is the sale or the assignment of a contract to purchase a pre-construction condominium that hasn’t yet been registered in the land title office.

When a buyer purchases a pre-construction condominium unit from a developer, they’re given an assignment clause/right in the form of a contract. The buyer can choose to sell their assignment before the condominium is built.

The original buyer - the assignor - allows another buyer - the assignee - to take over the buyer's rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property and takes possession.

The Condo and Strata Assignment Integrity Register (CSAIR) is a database of assignments of purchase agreements of all residential condo and strata lots in B.C., including both pre-sale lots and completed lots.

CSAIR is accessible by federal and provincial tax authorities.

Read the BCFSA Guidelines on assignments.