In the mortgage and real estate business it is more important than ever to surround yourself with complimentary professionals. David Watt’s Notary Public is one of those professionals.
In the video below David explains the five qualifications that must be met in order to qualify for the B.C. Property Transfer Tax – First Time Home Buyer Exemption.
When you are purchasing property in British Columbia there is an exemption for property transfer tax for first time home buyers’. In order to claim this exemption there are five qualifications that need to be met.
1. The individual(s) that claim the exemption must be BC permanent resident(s) for a full year before completion; and
2. The buyers must by Canadian citizen(s) or permanent residents;
3. The property must be occupied by the individual(s) as their Principle Residence that claim this exemption for a full year after completion.
4. The property must be purchased for less than $425,000.00 for a full exemption and less than $450,000 for a partial exemption; and
5. It must be the first property purchased by the individual(s) as their principal residence.
This exemption can be claimed if the individual(s) obtain Canadian citizenship or permanent residency within a year after completion of the purchase.
If you have any questions about British Columbia First Time Home Buyers Exemption on Property Transfer Tax, don’t hesitate to call or email David. You can also visit his blog for more great information and videos.
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