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.

Partial Exemptions

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).
 
Purchase Price

$     500,000  

$     501,000  

$     502,000  

$     503,000  

$     504,000 

$     505,000  

$     506,000 

$     507,000  

$     508,000 

$     509,000 

$     510,000 

$     511,000  

$     512,000  

$     513,000  

$    514,000  

$     515,000 

$    516,000 

$     517,000  

$     518,000  

$     519,000  

$     520,000  

$     521,000  

$     522,000 

$     523,000  

$    524000  

$   525,000

 

Exemption

8,000

7,699.20

7,396.80

7,092.80  

6,787.20

6,480.00

6,171.20 

5,860.80  

5,548.80  

5,235.20  

4,920.00  

4,603.20

4,284.80 

3,964.80 

3,643.20

3,320.00 

2,995.20

2,668.80

2,340.80

2011.20  

1,680.00  

1,347.20 

1,012.80

676.80

399.20

0

 
 

Taxes Owed

0.00

320.80

643.20

967.20

1,292.80

1,620.00

1,948.80

2,279.20

2,611.20

2,944.80

3,280.00

3,616.80

3,955.20

4,295.20

4,636.80

4,980.00

5,324.80

5,671.20

6,019.20

6,368.80

6.720.00

7,072.80

7,427.20

7,783.20

8140.80

8,500.00

 

       

 Please call me if you have any questions 250-588-2288 - Laurie Anne Faulkner

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