Property Transfer Tax - Land Transfer Tax (LTT)




Land Transfer Tax

Land transfer tax (LTT) is often overlooked when considering the total cost of purchasing a home. All provinces have a land transfer tax, except Alberta and Saskatchewan.

 

British Columbia land transfer tax

Purchase price of home

Marginal Tax rate

First $200,000 - 1.0% 
Over $200,000 - 2.0%

Source: Government of British Columbia, "Property Transfer Tax"

British Columbia first-time homebuyer land transfer tax rebate


First-time homebuyers are eligible to receive a full land transfer tax refund on homes purchased for $425,000 or less. On homes purchased between $426,000 - $450,000, the first-time homebuyer will be eligible for a partial refund equal to [ ($450K - fair market value) / 25K ] * LTT amount.EligibilityYou can qualify for the first-time homebuyer land transfer tax rebate if:
  • You are Canadian citizens or permanent residents as determined by Immigration Canada
  • You have lived in British Columbia for 12 consecutive months prior to the date the property is registered or have filed 2 income taxes in British Columbia in the 6 years before the property is registered
  • You have never owned an interest in a principal residence anywhere in the world at anytime
  • You have never received a first-time home buyers' exemption or refund
Your property qualifies for the first-time homebuyer land transfer tax rebate if:
  • The fair market value of the property is not more than $425,000
  • The land is (0.5) hectares or smaller
  • The property will only be used as your primary residence
For more information, see the Government of British Columbia website.






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