2021 PROPERTY TAX TRANSFER CALCULATOR

BC PROPERTY TRANSFER TAX CALCULATOR 2021


Does Your Purchase Price Include GST Tax?



Are you a Canadian Resident or Foreign Entity?

Is it a newly built home?*. Are you a first time home buyer?.

CALCULATE

PROPERTY TRANSFER TAX

Property Transfer Tax (PTT):
$
Less PTT Exemptions:
$
20% Tax on Foreign Entities:
$

GOODS & SERVICES TAX

Price without GST:
$
GST:
$
GST rebate*:
$

TOTALS

GROSS TAXES:

$
NET TAXES:
$
TOTAL COST:
$

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.

Is Property Transfer Tax paid yearly?

No. Many people confuse Property Tax which is paid yearly and is a municipal city tax. Property Transfer tax is not the same and is only paid when you When you purchase or gain an interest in property that is registered at the Land Title Office, you’re responsible for paying property transfer tax and filing a property transfer tax return. In most cases, property transfers are completed by a legal professional. Taxable transactions include:

What type of transactions require Property Transfer Tax?

In most cases, property transfers are completed by a legal professional. Taxable transactions include:

  • transfer of fee simple
  • right to purchase or agreement for sale
  • lease or lease modification agreements
  • life estate
  • foreclosure 
  • Crown grant
  • escheatforfeiture or quit claim
  • transfer as a result of corporate reorganization

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NOTE: PROPERTY TRANSFER TAX CALCULATOR (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.


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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

BC Government Tax rebates for home buyers. BC GST Rebate Calculator
Canada Federal Government Tax rebates/exemptions for home buyers. Top exemptions included in BC GST Rebate Calculator
First Time Home Buyers’ Program for Property Transfer Tax PTT Newly Built Home Exemption for Property Transfer Tax PTT New Residential Rental Property Rebate GST New Housing Rebate GST First Time Home Buyers’ Tax Credit (Income Tax Credit)
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