Posted on
February 28, 2023
by
Sally Scott
As my Dad used to say "the devil is in the details" is especially true when it comes to Property Taxes.
"First Time Home Buyers (PPT) Property Purchase Tax Exemption is a prime example, to qualify you must meet the criteria;
be a Canadian citizen or permanent resident
- have lived in BC for 12 consequtive monthe before the date the property is registered, or
- have filed 2 income tax returns as a BC resident in the last 6 years;
- have never owneed an interest in a principal residence anywhere, anytime; and have never received a firt-time homw buyers' exemption or refund.
The property must be used a principal residence and have a fair market balue of $500,000 or less and be 0.5 hectares (1.24 acres) or smaller. There is a partial emeption for properties $500,000 - 525,000.
Newly Built Homes Exemption
There is a newly built home exemption for buyers of new home with a fair market value $750,000 and a partial exemption for newly built homes $800,000 homes include a house constructed on vacant land new apartment in a newly built condominium building a manufactured home on vacant land or other usually built homes to keep the exemption there occupancy requirements during the first year of the owner must move into the home within 92 days of the date the property is registered with the land LTS eighth and continue to live there as a principal residence for the remainder of the first year to apply for the newly built from exemption enter exemption code 49 on the special property transfer tax return when the property is registered at the LTSA title.
Foreign Buyers PTT Exemption
Foreign nationals with work permits coming through the BC provincial nominee program exempt from the additional 20% property transfer tax when they buy a home vacant land exemption if you register to vacant lot and pay the tax you may apply for a refund if you have built a new home on the land worth 750,000 less moved into a home as a principal residence within one year of registering the property and meet the qualifications for the newly built home exemption are there PGT exemptions include transfer of a principal residence transfer of a recreational residence transfer resulting from a marriage breakdown transfer of the family farm involving individuals transfer of a family farm to or from a family farm corporation there are also exemptions for title transfers involving joint tenants and tenants in common and agreement for sale bankruptcy and transfers to register charities
For those who do not qualify for exemptions the PTT is charged on the fair market value of a property at the rate of 1% on the first $200,000;
2% on the balance up to and including $2,000,000; and
3% on the balance greater than $2,000,000; and
if the property is residential a further 2% on the portion greater than $3,000,000 "
IMPORTANT - TAX LEGISLATION IS ALWAYS CHANGING - VERIFY THE TAXES YOU WILL NEED TO PAY BEFORE YOU BUY>
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