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MIKE SHAFIE Phone: (604) 786.5800
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MIKE SHAFIE Phone: (604) 786.5800
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Property Transfer Tax
The Property Purchase Tax in the Province of British Columbia is 1% of the first $ 200,000 and 2% of the balance for example if a property sells for $ 500,000 the buyer pays $ 8,000 in tax( $ 200,000 X 1% = $ 2000 + $ 300,000 X 2% =$ 6000 )however the First Time Home Buyers who buy properties under $ 425,000 might be qualified for total exemption and properties between $ 425,000 and $ 450,000 might be partially exempted , see below for the guidelines.
To qualify for the First Time Home Buyers' exemption you must meet all of the initial eligibility criteria. To retain the exemption, there are also requirements which must be met in the year following the transfer. For complete information on all of the eligibility criteria, please see:
To claim the exemption you must file a First Time Home Buyers' Property Transfer Tax Return (FIN 269) and the appropriate Land Title forms at the Land Title Office when you apply to register your property.
If you do not qualify at the time of registration, but you meet all the requirements by the first anniversary of the registration date, you can apply for a refund of the tax paid. Applications for refund must be made within 18 months of the registration date. Please see How to File for more information
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Sutton Group - West Coast Realty
# 300 - 1497 Marine Drive, West Vancouver, B.C. V7T 1B8, Canada
Tel: 604-925-1111 Fax: 604.925.1394 Email: info@mikeshafie.com |
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