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

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


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