Property Purchase Tax

This is important Buyers information of one of the costs a Buyer incurs regarding BC’s property purchase tax which is one percent on the first hundred thousand and two percent thereafter.

British Columbia Property Purchase [Transfer] Tax

First Time Home Buyers’ Program

You pay PPT each time you register [completion or closing] a property at the land title office. Purchasing your first home may qualify you for an exemption from PPT

Requirements as a Purchaser

Canadian Citizen
Lived in BC for 12 consecutive months before registering the property or filed 2 income tax returns as a BC resident 6 years before date of registration.
Never owned an interest in a principal residence anywhere in the world at any time
Never received a first time Buyers’ exemption or refund.

Requirements for the Property

Purchase price does not exceed $375,000
Land is between 0.5 to 1.24 acres or smaller
Property will be your principal residence

If you do not meet some of these requirements you still may qualify for a partial exemption

Please click onto the PDF and read the full article
http://www.sbr.gov.bc.ca/documents_library/brochures/FirstTimeHomeBuyer.pdf

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