FIRST TIME BUYER PROPERTY PURCHASE TAX EXEMPTION
First time buyers are exempt from paying the property purchase tax under the following conditions:

Price of property purchased is $425,000 or less.
A partial exemption is available if the purchase price is more than $425,000 but less than $450,000.

If price of home is over $450,000 then the full tax amount will apply.
Tax amount is 1% on the first $100,000 and 2% on the balance.
For example a home worth $500,000 will have a tax of $8,000

Buyers must not have owned a house anywhere in the world before. If only one client qualifies then only their portion of the purchase will be eligible for the exemption.
Buyers must have been a resident of B.C. for at least one year prior to purchase.
Buyers must reside in the home for a minimum of one year following completion.
Exemption applies only on residential properties up to 1.24 acres.
Other conditions may apply.

This information is believed to be accurate but is not guaranteed to be so.

If you require more information please contact me by email or via telephone.

More information can be found on http://www.sbr.gov.bc.ca/documents_library/bulletins/PTT_004.pdf

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