The first time home buyers’ program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
To qualify for an exemption, at the time the property is registered you must:
- Be a Canadian citizen or permanent resident
- Have either:
- Lived in B.C. for at least a year immediately before the date you register the property
- Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date
- Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time
- Have never received a first time home buyers’ exemption or refund
Your legal professional will apply the exemption in the property transfer tax return.
When the return is submitted, you must meet additional requirements during the first year you own the property to keep the tax exemption.
If you apply but fail to move onto the property within the required time, or move out before the required time, contact us.
To learn more please click here
Please contact Randy Larson at 604 558 2234 to see if this applies to you.
