2019 BC NEW HOUSING REBATE GST TAX CALCULATOR
BC NEW HOUSING REBATE GST TAX CALCULATOR 2019
FREQUENTLY ASKED QUESTIONS
What is the tax rate for property transfer tax?
For most residential properties, the property transfer tax rate is:
1% on the first $200,000,
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
3% on the portion of the fair market value greater than $2,000,000, and
If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).
What property value is used to calculate PTT tax?
Generally most residential homes registered with land title office will use Fair Market Value as basis to calculate the PTT. This is the price that would be paid by a willing purchaser to a willing seller for a property (land and improvements) in the open market on the date of registration.
Why is the BC Assessment Value not used for Property Transfer Tax?
For most homes registered with land title office and advertised for sale, the Fair Market Value is used. However, in some situations the Property Assessment Value may be used –for example: a Corporation does not advertise and transfers property in a non-open market.
Does the seller pay any property transfer tax in BC?
In BC, the property transfer tax is paid by the person/company that the property is transferred to; In other words, the Buyer pays the PTT. A common question people ask is why the seller doesn’t contribute to the transfer tax. The answer is that they do….the seller paid the transfer tax when they originally bought the property. The confusion comes from internet articles based in the United States. In the US, depending on the state, sometimes the seller pays and sometimes the buyer pays; Fortunately it is much simpler in BC – the new owner pays the PTT.
NOTE: BC NEW HOUSING REBATE GST TAX CALCULATOR 2019 (PLEASE READ)
This property transfer tax calculator has been provided for entertainment purposes only. It should not be used as a substitute for professional advice from a lawyer or accountant.
Author: Meryl Hamdillah is a REALTOR with Sutton WestCoast Group and is an active community writer in Tri-Cities and Vancouver. If you are interested in a real estate or community topic in Tri-Cities or Metro Vancouver, feel free to call me.
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This BC GST Rebate Calculator is provided for entertainment purposes only. Although we try to keep this updated, there may be new tax regulations and you should always seek the advice of a professional lawyer, accountant, or conveyancer for your specific tax calculations.
BC GST Calculator Version 1.0.2 updated Feb 2018
Top Government Rebates, Grants, Exemptions for Home Buyers and Sellers References and LINKS