MATT WARNER   |   604-928-9107

 
Back to Blog

PPT is a tax that is paid at the time of completion based on the purchase price of the property.  The calculation is based upon 1% of the first $200,000 and 2% on the remaining balance.  PPT was first adopted into BC in 1987. You may qualify for a full or partial exemption based on the following criteria,

 

The buyer(s) must meet these qualifications:
• must be a Canadian citizen, or a permanent resident as
determined by Immigration Canada;
• must have lived in BC for 12 consecutive months
immediately before the date you register the property, or
must have filed two income tax returns as a BC resident
during the six years before the date you register the property;
• must never have owned an interest in a principal residence
anywhere in the world at any time; and
• must never have received a first time buyers’ exemption or
refund.
The property being purchased qualifies for a FULL
exemption if:
• purchasing an existing home, the fair market value of the
property is not more than $425,000;
• purchasing land and building a home, the fair market value
of the land as of the date you register the property, plus the
cost to build the home is not more than $425,000;
• the land is 0.5 hectares (1.24 acres) or smaller; and
• the property will only be used as a principal residence.
The property being purchased qualifies for a PARTIAL
exemption if:
• purchasing an existing home, the fair market value of the
property is between $425,000 and up to $450,000;
• purchasing land and building a home, the fair market value
of the land as of the date you register the property, plus
the cost to build the home is between $425,000 and up to
$450,000;
• the land is larger than 0.5 hectares (only 0.5 hectares of land
are eligible); or
• a portion of the improvements on the land is used for
commercial purposes or there is a separate dwelling on the
land (only the principal residence portion is eligible).

Comments

No comments

Post Your Comment:

*indicates required fields.
Your Name:*
Please note, your email will not be shown publicly
Your Email (will not be published):*
Comment:*
Please type the text as it appears above: