How Much Is The 1st Time Buyer Property Transfer Tax Rebate?
March 21, 2017 | Posted by: Laurie Anne Faulkner
First Time Buyer Property Tax Rebate Amounts
Property Transfer Tax -You pay property transfer tax at the time you register a property at the land title office. The maximum rebate a qualified purchaser can receive is $8,000 on a maximum purchase price of $500,000. There is a partial rebate that is pro-rated up to the maximum price of $525,000 with the full tax payabable after that (see chart below).
The First Time Home Buyers’ Program:
If you are purchasing your first home, you may qualify for an exemption from property transfer tax. To qualify, you must be a first time home buyer and your property must meet certain requirements.
WHAT ARE THE REQUIREMENTS?
First Time Home Buyer Qualifications
- You qualify as a first time home buyer if:you are a Canadian citizen, or a permanent resident as determined by Immigration Canada, you have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property, you have never owned an interest in a principal residence anywhere in the world at anytime, and you have never received a first time home buyers’ exemption or refund.
Property Requirements You qualify for a full exemption if:
- The fair market value of the property (land plus improvements) is not more than the qualifying value of $500.00 (only if purchasing an existing home), the land is 0.5 hectares (1.24 acres) or smaller, and the property will only be used as your principal residence.
Please note: If there is more than one purchaser and not all purchasers qualify for the exemption, only the percentage interest acquired by the first time home buyer(s) is eligible.
You qualify for a partial exemption if:
- The property has a fair market value of up to $25,000 more than the qualifying value of $500,000 up to $525,000 (only if purchasing an existing home), the land is larger than 0.5 hectares (only 0.5 hectares of the land are eligible), or a portion of the improvements on the land is used for commercial purposes or there is a separate dwelling on your land (only the principle residence portion is eligible).
Please call me if you have any questions 250-588-2288 - Laurie Anne Faulkner