Property Transfer Tax

Property Transfer Tax is a land registration tax. It must be paid when an application for a taxable transaction is made at any Land Title Office in British Columbia to register changes to a certificate of title. Property Transfer Tax is payable on the fair market value of the property being transferred.

How much is it?

The tax is charged at a rate of 1% on the first $200,000 of the fair market value of the property, and 2% on the rest.

For example, if the fair market value of the property is $150,000, the tax is 1% of $150,000 or $1,500.

Exemption

First-time home buyers may be exempt from the PTT under the BC First Time Home Buyers' Program if they meet specific conditions, for example, the price of the home they buy is up to $475,000. There is a proportional exemption for homes between $475,000 and $500,000. At $5 million and above, the rebate is nil.

Qualifying buyers of new homes may be exempt from paying the PTT if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there’s no rebate.

For more information go to;

http://www.rebgv.org/property-transfer-tax

http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax