Page 7 - october Realty News digital
P. 7
October Realty News 7
Meri Shirakyan,
Accountant,
meri@shirak.ca CPA, CGA
Property Transfer Tax (PPT) is
charged at a rate of: 1% on the
first $200,000, 2% on the portion
of the fair market value greater
than $200,000 and up...
Property Transfer Tax (PPT) at the time the time home buyers' exemption
is charged at a rate of: 1% on property is regis- or refund
the first $200,000, 2% on the and the property must: You may qualify for a
portion of the fair market value tered you must: • be located in B.C. partial exemption from the
greater than $200,000 and up • be a Canadian citizen or
to and including $2,000,000, permanent resident • only be used as your princi- tax if the property:
and. 3% on the portion of the pal residence • has a fair market value less than:
fair market value greater than • have lived in B.C. for 12 • have a fair market value of:
$2,000,000. consecutive months immedi-
ately before the date you regis- - $500,000 if registered on or before Febru-
As a FIRST TIME home ter the property or filed at least - $475,000 or less if regis- ary 21, 2017, or
buyers in BC you might be 2 income tax returns as a B.C. tered on or before February 21, - $525,000 if registered on or after February
2017, or
entitled for a FULL Property resident in the last 6 years 22, 2017
Transfer Tax (PPT) exemp- • have never owned an interest
tion in a principal residence any- - $500,000 or less if registered • is larger than 0.5 hectares
on or after February 22, 2017
where in the world at any time • has another building on the property other
To qualify for a - be 0.5 hectares (1.24 acres) than the principal residence
FULL exemption, • have never received a first or smaller
