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As of November 27, 2017 the British Columbia Government will require a new version of the Property Transfer Tax (PTT) return.


Blog by | November 22nd, 2017


As of November 27, 2017 the British Columbia Government will require a new version of the Property Transfer Tax (PTT) return.

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:

From Buyers:
  • 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
From Sellers:
  • Residency status under the Income Tax Act
  • Contact information:
    • Address
    • Phone number

Property Transfer Tax Exemptions:  https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/exemptions


--
Alexandra Axsen
Lake Okanagan Realty Ltd.
Owner/Managing Broker
Tel: (250) 870-2702
Email: Alex@LakeOkanaganRealty.com
www.LakeOkanaganRealty.com