Property Transfer Tax – First Time Home Buyer Exemption
When you are purchasing property in British Columbia there is an exemption for property transfer tax for first time home buyers’. In order to claim this exemption there are five qualifications that need to be met.
1. The individual(s) that claim the exemption must be BC permanent resident(s) for a full year before completion, or have filed tax returns showing BC Residency in 2 of the last 6 years; and
2. The buyers must by Canadian citizen(s) or permanent residents, ;
3. The property must be occupied by the individual(s) as their Principle Residence that claim this exemption for a full year after completion.
4. The property must be purchased for less than $425,000.00 for a full exemption and less than $450,000 for a partial exemption; and
5. It must be the first property purchased by the individual(s) as their principal residence.
This exemption can be claimed if the individual(s) obtain Canadian citizenship or permanent residency within a year after completion of the purchase; as long as they make that claim within 18 months.
If you have any questions about British Columbia First Time Home Buyers Exemption on Property Transfer Tax; or if you are buying or selling a property please call or email: [email protected].
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