Realtor in Vancouver

return_to_home_buyer_tool_menu

 

 



Property Transfer Tax

 

The British Columbia Provincial Government imposes a property transfer tax which must be paid before any property can be legally transferred to a new owner. The tax is 1% on the first $200,000 of the property value and 2% on any value over $200,000. Some buyers may be exempt from this tax, so contact the Property Transfer Tax office in Victoria to be sure. (250-387-0604 or their website www.rev.gov.bc.ca/rpt/ptt/ptt.htm)

 

The First Time Home Buyers’ Program (FTHB) was introduced March 22, 1994 to provide an exemption to individuals purchasing their first home.

 

If the property is located in the Capital Regional District, the Greater Vancouver Regional District, or the Fraser Valley Regional District, its fair market value cannot exceed $425,000.00 to be eligible for the exemption.

 For requirements to qualify the following website should be visited:   

The Property Transfer Tax Act and Regulations can be found on the web at www.rev.gov.bc.ca


Goods & Services Tax


If you purchase a newly constructed home, you may be subject to 12% GST on the purchase price.

 

Property Tax


If the current owners have already paid the full year’s property taxes to the municipality, you will have to reimburse them for your share of the year’s taxes.

 

Basic Home Owner Grant

 

The basic grant can reduce your property tax by as much as $570. The minimum tax payable ($350) ensures that all homeowners (or eligible occupants, which includes an eligible occupant of an eligible apartment, housing unit, land cooperative or multi-dwelling leased parcel) contribute towards the funding of local services such as road maintenance and police protection.

For 2012, the basic grant will be reduced by $5 for each $1,000 of assessed value over $1,285,000, and is eliminated on homes assessed at $1,399,000 or more.

 

If your property's assessed value is over $1,285,000 but has more than one residence on it, you may still qualify for the home owner grant on one residence. For further information, please call our office toll-free in British Columbia at

1-888-355-2700.

 

To be eligible for the grant, you must meet the following criteria:

You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia. 

 You are the registered owner or eligible occupant of the home. The home must be located within the province. 

 The home is your principal residence -where you live and conduct your daily activities. The grant does not apply to summer cottages, second homes or rental properties.

 Spouses who live together, including those who are married or who live together in a marriage-like relationship, including same-gender partners, can qualify for a grant on only one residence in the province in a calendar year.

 Spouses who live apart can each claim a grant on their principal residence if they have a written separation agreement or a court order recognizing the separation.

Please see the Eligibility Criteria for further conditions that may apply.

The grant should be claimed prior to the tax due date, even if you do not pay at that time. The grant is considered unpaid tax until it is claimed. By claiming the grant prior to the due date, you avoid paying a penalty on this portion of the tax.

 

You must apply for the grant each year after you receive your property tax notice and before December 31. The grant is applied toward the current year's property tax. It does not apply to School Referendum Taxes, arrears, delinquent taxes, penalties, utilities or user fees which may also appear on your tax notice. Vancouver Realtor Adan Sprauer

Vancouver Realtor Specialist

 

 

Contact Vancouver real Estate agent Adan Sprauer

*indicates required fields.
Your Email:*
Your Name:*
Your Telephone:*
Subject:
Message:*

Luxury Homes For Sale

Luxury Condos For Sale

 

About Vancouver Realtor Adan Sprauer

Vancouver Realtor Adan Sprauer

 

Adan Sprauer Vancouver Realtor and Real Estate Specialist 

 

 

LOOKING for experience to put Vancouver’s home market in context, win-win negotiation skills, high-tech savvy Real Estate tools and a personal touch? When you partner with us, you've partnered with a team of experienced pros who will leave you grinning from ear to ear.

                    Learn More about Vancouver Realtor Adan Sprauer 

Contact:

 

Adan Sprauer

Vancouver Realtor

and Real Estate Specialist

Multiple Realty Ltd

 

adan@adansprauer.com   

 

604-340-7778 Adan Direct

604-434-1431 Office