tax exemptions
First Time Home Buyer Property Transfer Tax (PTT) Exemption
January 24, 2010 by Laura Howren · View Comments
What is Property Transfer Tax (PTT)? For those of you who don’t know, it’s a tax that is payable to the provincial government when acquiring an interest in or purchasing a property, and this is assumed by the buyer. Many first time home buyers are aware but not clear on their rights towards their property transfer tax exemption with their first real estate purchase. I get asked this question on a regular basis, especially from US and US/CDN dual citizens. As a first time home buyer you may qualify for an exemption in you property transfer tax. To qualify you must meet all of the following criteria:
1) Must be a Canadian Citizen or Permanent Canadian Resident.
2) Must have resided in British Columbia for the past year, and at least 2 of the last 6 taxable years.
3) Must have never held title to property anywhere internationally at any given time.
4) Must not have applied for the property transfer tax exemption previously.
5) To obtain full exemption, the purchase price must not exceed $425,000 CDN. A partial exemption is available for homes between $425,000 and $450,000.
For more detailed information you may contact me at any time, at laura@vancouverpowersearch.com.
