Mortgage Blog

First Time Home Buyers Property Transfer Tax Program Feb 22, 2017

February 22, 2017 | Posted by: Laurie Anne Faulkner

The First Time Home Buyers’ Program is designed to help British Columbians purchase their first home.

Under the program, eligible purchasers can claim an exemption from Property Transfer Tax if the fair market value of the home is less than the threshold amount.

Thresholds:

For registrations on, or after, February 19,2014, the fair market value threshold for eligible residential property is $500,000.
A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $525,000).

BC Property Transfer Tax Calculator

Do You Qualify?

To qualify for the First Time Home Buyers’ exemption you must meet all of the initial eligibility criteria. To retain the exemption, there are also requirements which must be met in the year following the transfer.

Do I Qualify for the First Time PP Tax Exemption

Refunds

If a purchaser did not apply for the exemption when the transfer was originally registered at the Land Title office, but met all the FTHB eligibility criteria at that time, the purchaser may apply for a refund within the first 18 months from the date of the original registration.

For more information please go to the BC Government website links below:

Please call me if you have any questions 250-588-2288 – Laurie Anne Faulkner

View More Information on First Time Home Buyers

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