My question is: Canadian-specific
QUESTION: Could you please clarify something for me? Is OWNING and SELLING a
house the same as having BOUGHT it?
When my husband and I divorced, we agreed that I should continue living in
"our" house, though he had been the buyer and sole owner.
Later, I remarried and my second husband bought out my first husband, though
only my name went on the title. Exclusively.
Then, when my second marriage ended and we decided to sell the house and
divide the proceeds, I was the SELLER.
I ask this because I'm going to buy a house in BC sometime soon (as my
principal residence) and read that the Land Transfer Tax is not imposed on
first time buyers.
Well, I never bought a house - but sold one, having come into possession of
it by the vagaries of life. I'm assuming that for the purposes of this
enquiry, I'm deemed to have virtually "bought" it somehow. But there's no
harm in asking.
Thank you so much! I love following your e-mails.
=========================================
david ingram replies:
You have a wonderful way with words and I understand your confusion.
The tax exemption applies to people who have never owned a house they lived
in. It does not matter if they inherited the prior house, bought it, won it
in a lottery or received it as part of the spoils of divorce.
It would be better if the wording in the act said first time "OWNERS"
Good luck on the new endeavours. My 20 year marriage just ended in divorce
and property settlement and I know and understand the situation all too
well.
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