Profit a prendre: duty requirements

If an acquisition of new dutiable property, on its creation, grant or issue, relates to an interest in land through a grant of a profit a prendre, provide:

1. the duty endorsed transaction record (such as the transfer or agreement to transfer)
2. a completed Foreign Transfer Duty Declaration Form
3. the amount of any consideration being given under the transaction
4. any other information relevant to the transaction.

For a transaction in which special dutiable property is surrendered through a surrender of a profit a prendre, provide:

1. a copy of the endorsed grant of a profit a prendre
2. a completed Foreign Transfer Duty Declaration Form
3. details of the full facts and circumstances leading to the surrender
4. the amount of any consideration being given under the transaction
5. advice on whether a new profit a prendre has been or will be granted to replace the profit a prendre being surrendered. If so, provide:
   • details of, or the document which evidences, the grant of the replacement profit a prendre
   • the amount of consideration being given for the grant of the new profit a prendre
6. any other information relevant to the transaction.

An assessment of duty will not be issued until all required information is provided.