First-time home buyers received a break on Property Transfer Tax
The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.
How is PTT calculated:
- PTT is calculated at a rate of 1% on the first $200,000 and 2% on the balance of the purchase price.
How Do I Qualify:
- To qualify for a full exemption, at the time the property is registered you must:
- be a Canadian citizen or permanent resident have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
- have never owned an interest in a principal residence anywhere in the world at any time you have never received a first time home buyers’ exemption or refund
- The property must: be located in B.C. only be used as your principal residence have a fair market value of:
- $425,000 or less if registered on or before February 18, 2014, or
- $475,000 or less if registered on or after February 19, 2014
- be 0.5 hectares (1.24 acres) or smaller
You may qualify for a partial exemption from the tax if the property:
- has a fair market value less than:
- $450,000 if registered on or before February 18, 2014, or
- $500,000 if registered on or after February 19, 2014
- is larger than 0.5 hectares has another building on the property other than the principal residence
|
100 % Transfer and 100% FTHB Eligible |
||
|
Purchase Price |
Exemption Amount |
Tax Amount Payable |
|
$475,000.00 |
$7,500.00 |
0 |
|
$476,000.00 |
$7,219.20 | $300.80 |
| $477,000.00 | $6,936.80 |
$603.20 |
|
$478,000.00 |
$6,652.80 | $907.20 |
| $479,000.00 | $6,367.20 |
$1,212.80 |
|
$480,000.00 |
$6,080.00 | $1,520.00 |
| $481,000.00 | $5,791.20 |
$1,828.80 |
|
$482,000.00 |
$5,500.00 |
$2,140.00 |
|
$483,000.00 |
$5,208.80 |
$2,451.20 |
|
$484,000.00 |
$4,915.20 |
$2,764.80 |
|
$485,000.00 |
$4,620.00 |
$3,080.00 |
|
$486,000.00 |
$4,323.20 | $3,396.80 |
|
$487,000.00 |
$4,024.80 |
$3,715.20 |
|
$488,000.00 |
$3,724.80 |
$4,035.20 |
|
$489,000.00 |
$3,423.20 |
$4,356.80 |
|
$490,000.00 |
$3,120.00 |
$4,680.00 |
|
$491,000.00 |
$2,815.20 |
$5,004.80 |
|
$492,000.00 |
$2,508.80 |
$5,331.20 |
| $493,000.00 | $2,200.80 |
$5,659.20 |
|
$494,000.00 |
$1,891.20 | $5,988.80 |
| $495,000.00 | $1,580.00 |
$6,320.00 |
|
$496,000.00 |
$1,267.20 |
$6,652.80 |
|
$497,000.00 |
$952.80 |
$6,987.20 |
|
$498,000.00 |
$636.80 |
$7,323.20 |
|
$499,000.00 |
$319.20 |
$7,660.80 |
| $500,000.00 | $0.00 |
$8,000.00 |
Read the full details at ( http://www2.gov.bc.ca/gov/topic.page?id=BBD16E2D7C1841A7BBD420E3AC5380F1)
