B.C. Property Transfer Tax
& Exemption for First-Time Buyers
Tax Rates
The amount of tax due depends on the fair market value of the property that is transferred:
- If the fair market value is $200,000 or less, the tax is 1% of the fair market value
- If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000
For example:
- if fair market value of property is $150,000
tax payable is: 1% of $150,000 = $1,500
- if fair market value of property is $250,000
tax payable is: 1% of $200,000 = $2,000
plus 2% of $50,000 = $1,000
for total tax payable of $3,000
Requirements
Purchaser
- you are a Canadian Citizen, or a permanent resident as determined by Immigration Canada,
- you have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property,
- you have never owned an interest in a principal residence anywhere in the world at anytime, and
- you have never received a first time home buyers’ exemption or refund.
Property
- the fair market value of the property is not more than the current threshold of $425,000,
- the land is 0.5 hectares (1.24 acres) or smaller, and
- the property will only be used as your principal residence.
If the property does not meet all of these requirements, you may still qualify for a partial exemption.
Threshold
For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $425,000. A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000).
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