Desirae Jeannotte Notary Public

Property Transfer Tax

Exemptions

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First Time Home Buyer criteria:

If you are a First Time Home Buyer you may be eligible for either a full or partial exemption from the property transfer tax. If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.

For example, if you qualify and purchase a property for $300,000 with a person who doesn’t qualify you would still qualify. If you owned a 50% interest in the property, 50% of the tax amount would be eligible for the exemption.

 To qualify for a full exemption, at the time the property is registered you must:

  • be a Canadian citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) or proof of permanent residency and your birthdate)

  • have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years

  • have never owned an interest in a principal residence anywhere in the world at any time 

  • have never received a first time home buyers' exemption or refund

And the property must:

  • be located in B.C.

  • only be used as your principal residence

  • have a fair market value of $500,000 or less

  • be 1.24 acres or smaller

You may qualify for a partial exemption from the tax if the property:

  • has a fair market value less than $525,000

  • is larger than 1.24 acres

  • has another building on the property other than the principal residence

      

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Newly built home criteria:

A newly built home is:

  • a brand new home

  • a new apartment in a newly built condominium building

  • a manufactured home that is placed and affixed on a parcel of vacant land

  • a house converted from an existing improvement on the land.

 To qualify, the property transfer must be registered at the Land Title Office and you must be:

  • an individual

  • a Canadian citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) or proof of permanent residency and your birthdate)

and the property must:

  • be located in B.C.

  • only be used as your principal residence

  • have a fair market value of $750,000 or less

  • be 1.24 acres or smaller

You may qualify for a partial exemption, if the property:

  • has a fair market value greater than $750,000 and less than $800,000

  • is larger than 1.24 acres

  • has another building on the property other than the principal residence