My question is: Canadian-specific
QUESTION: Oh my gosh, can you imagine that my real estate agent incorrectly answered my question regarding the property purchase tax.
If I were to purchase a home (in the Province of BC only) for the amount of $300,000.00 Am I correct that my property purchase tax would be in the amount of $4,000.00? Thank you
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david ingram replies:
The British Columbia Property Purchase Tax ( PPT ) is 1% of the first $200,000 and 2% of the balance.
Therefore a $300,000 house would be 1% of the first $200,000 ($2,000) plus 2% of the balance of $100,000 ($2,000) for a total of $4,000.
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