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My question is: Canadian-specific
QUESTION: Hi,
I live in BC, Canada and just recently bought our family home worth 350,000 with 5% downpayment. (We are first time home buyers). Can you tell me about how much Property Transfer Tax I need to pay ?
Thank you in advanced and looking forward to your reply.
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David Ingram of CEN-TA Realty replies.
For properties over $200,000 the calculation is .02 x the purchase price less $2,000. that makes the property purchase tax on your unit $5,000 even.
For others reading this, if you are a first time buyer and the property is under $225,000 for all of BC with the exception of
Vancouver, Whistler and the Fraser Valley where the limit is $275,000.
The following is "lifted word for word from the Click Mortgage site at: http://www.clickmortgage.ca/bg_tax.html
When buying real estate in British Columbia, the government imposes a Property Purchase Tax based on the greater of the purchase price or the fair market value of the property. The tax is calculated at 1% of the first $200,000 and 2% of the balance of the value/purchase price.
Property Purchase Tax Exemption
You may qualify for a tax exemption if you, and the property you are purchasing, meet the following guidelines:
a.. Your down payment can not exceed 30% of the purchase price
b.. The maximum purchase price to qualify for the exemption in Vancouver, Victoria, Squamish, Whistler, and the Fraser Valley is $275,000. In all other areas of the province, the maximum qualifying purchase price is $225,000.
c.. You may never have previously owned an interest in your principal residence (anywhere in the world).
d.. If you pay more than $11,000 towards the principal of your mortgage within the first year, or if your outstanding mortgage amount is less than 70% at the end of the first year, you will lose your property purchase tax exemption ($9,000 in some parts of the province).
e.. You must be a Canadian Citizen or Landed Immigrant and have been a resident of British Columbia for at least 12 consecutive months immediately prior to the purchase.
f.. The purchaser must occupy the property as their principal residence within 92 days of completion.
g.. Under certain circumstances, the purchase of raw land or a building lot may qualify.
h.. Other conditions apply.
Where can I get more information?
You can get additional information from your mortgage consultant at 1-888-403-9248 or by calling the BC Government at (250) 387-0604. Your lawyer or notary will also be able to answer you questions regarding Property Purchase Tax and possible exemptions.
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