BC Property Transfer Tax Exemption

BC Property Transfer Tax Exemption

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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