2% Transition Tax Ends in March
Good news for those who are shopping for new homes in 2015.
This temporary tax is applicable on the sale of a new home that was 10% or more complete as of April 1, 2013. However, if ownership and possession take place on or after April 1, 2015, the 2% tax will not apply, as it ceases to exist on April 1.
For more information visit the BC government’s Transitional Rules for new housing.