Do I also qualify for exemption from BC property transfer tax?
To qualify for a full exemption from BC property transfer tax at the time of registration, you must:
- Be a Canadian citizen or permanent resident.
- Have lived in B.C. for 12 consecutive months immediately before the property registration date.
- Filed at least 2 income tax returns as a B.C. resident in the last 6 years.
- Never owned an interest in a principal residence anywhere in the world at any time.
- Have never received a first-time homebuyer exemption or refund.
- The property’s fair market value must be:
- $475,000 or less if registered on or before February 21, 2017
- $500,000 or less if registered on or after February 22, 2017
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If you purchase your first home, you may also qualify to reduce or eliminate the amount of property transfer tax you pay.
If you purchase a newly-built home, you may also qualify for a property transfer tax exemption.
Family exemptions include: transfer of primary residence, recreational residence, marriage breakdown, family farm with individual and also family farm with corporation.
Other exemptions include: registered charity, agreement of sale, bankruptcy, subdividing properties, multiple leases on the same property, and more.
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