BC Land Transfer Tax

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When you a buy a house, condo or land in BC you are subject to land transfer tax which is due upon closing. Use RateHub’s calculator to determine your applicable land transfer tax or view BC's 2016 rates below and follow along with our sample calculation.

BC land transfer tax calculator

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Provincial: Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province. plus
 
Municipal: Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home. plus
 
Rebate: Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province. minus
 

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Land transfer tax rates in British Columbia – Updated in 20161

The British Columbia land transfer tax is a marginal tax, and each portion of your home's value is taxed at its own unique tax rate. These land transfer tax rates are as follows:

Purchase price Marginal tax rate First-time homebuyer rebate
First $200,000 1.0% British Columbia offers a land transfer tax rebate to first-time homebuyers. Buyers are eligible for either a full tax rebate or partial tax rebate depending on the value of their home.
On $200,000 to $2,000,000 2.0%
Over $2,000,001 3.0%

British Columbia land transfer tax example calculation

Let’s assume you are purchasing a house worth $250,000:

$200,000 1st marginal bracket 1% marginal tax rate =
$2,000 land transfer tax
( $250,000 property value $200,000 lower marginal
tax bracket) 2% marginal tax rate =
$1,000 land transfer tax
$2,000 land transfer tax $1,000 land transfer tax =
$3,000 land transfer tax

Land transfer tax rebate - British Columbia

British Columbia provides land transfer tax rebates for first-time homebuyers. Homes purchased for $475,000 or less will receive a full refund. For homes purchased between $475,001 and $499,999, a partial refund is given. A sample calculation of this can be seen below.

British Columbia first-time homebuyer rebate example calculation

For a house worth $485,000, the land transfer tax is calculated to be $13,700, and the tax rebate is calculated as follows:

(( $500,000 $485,000 purchase price) ÷ $25,000 ) $13,700 land transfer tax =
$8,220 tax rebate
$13,700 land transfer tax $8,220 tax rebate =
$5,480 land transfer
tax paid

First-time homebuyer eligibility in British Columbia

You qualify as a first-time homebuyer if:

  • You are a Canadian citizen or a permanent resident of Canada.
  • You have lived in BC for 12 consecutive months before the property is registered, or you have filed 2 income. taxes in BC in the past six years.
  • You have never owned a home anywhere else in the world at any time.
  • You have never received a first-time homebuyers’ refund or exception.

Your property qualifies for a full refund if:

  • The market value of the property is not more than $475,000.
  • The land is 0.5 hectares or smaller.
  • The property will be used as your primary residence.

You will only qualify for a partial refund if:

  • Your property is between $475,001 and $499,999 in value.
  • The land is greater than 0.5 hectares.
  • A portion of the land is used for commercial purposes or there are other homes on your land (only your primary residence is eligible).

Application

To apply, you must fill out a First Time Home Buyers’ Property Transfer Tax Return and other appropriate Land Title forms at the Land Title Office when your property is registered.

References and Notes

  1. Property Transfer Tax, Government of British Columbia