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First Time Homes Buyers Property Transfer Tax Exemption ​

First Time Homes Buyers Property Transfer Tax Exemption
 
When you buy a home in BC, you will have to pay the property transfer tax. The cost of the tax is calculated as 1% on the first $200,000 + 2% up to $2 million + 3% up to 3 million and if residential 5% on the balance over $3 million. This can be quite costly so the government has a tax break for first time home buyers.
 
To be considered a first time home buyer, at the time the property is registered…..
You must meet the following criteria:
  • Be a Canadian Citizen or permanent resident
  • Live in B.C in the last 12 month or
    • Filled income tax return as a B.C resident twice in the last 6 years
  • Have never owned or had an interest in a principal residence anywhere in the world at any time
  • Have never received a first time home buyers’ exemption or refund
 
Full exemption (100%), the property itself must:
  • Located in BC
  • Used only as your principal residence
  • Have a fair market value of $500,000 (as of Feb 22 2017)
  • Is 0.5 hectares (1.24 acres) or smaller
Partial Exemption criteria: (50%)
  • Has a fair market value less than 525,000 (as of Feb 22 2017)
  • Is larger than 0.5 hectares
  • Has another building on the property other than the principal residence
 
Once you received the exemption, you must have the following to keep it:
  • Moved into the home within 92 days of the date the property was registered at land titles (usually the “completion date” on your contract of purchase and sale)
  • Live in the house as a principal residence for min 1 year
    • If you move out after 1 year, you can keep a part of the exemption
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  • Home
  • SOLDS/近期成交
    • Sold 1
  • Useful Links/好用資訊連結
  • Info for Buyer
  • About Me/關於我
  • Contact Me/聯絡
  • Blog