Currently Buyers in British Columbia are required to pay a Property Transfer Tax on all properties they purchase in British Columbia (if they do not meet the exemption rules - see below). Property Transfer Tax is 1% on the first $200,000 of the purchase price, 2% of the purchase price from $200,000 to $2,000,000 and 3% of the purchase price above $2,000,000. This is NOT the Foreign Buyer's tax which is an additional 15% for foreign buyers ONLY in the Greater Vancouver area.
The following is the new information Buyers and Sellers will be required to provide for all sales:
- Date of birth
- Business Number (corporate transferee)
- Individual Tax Number (foreign buyer, if applicable)
- Provincial Nominee Program and certificate number (foreign buyer, if applicable)
- Whether property will be used as principal residence
- Daytime phone number for each buyer
- Residency status under the Income Tax Act
- Contact information:
- Phone number
Property Transfer Tax Exemptions: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/exemptions
Lake Okanagan Realty Ltd.
Tel: (250) 870-2702