Property Transfer Tax Calculator In Bc

In BC the land transfer tax equivalant seen in other Canadian provinces is called the property transfer taxWhen buying a home many people overlook the significant cost of the property transfer tax. Homes purchased for 500000 or less will receive a full refund. In BC the property transfer tax is paid by the personcompany that the property is transferred to.

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Most of the province has his own method to calculate the land transfer tax.

Property transfer tax calculator in bc. The information used to make the tax and exemption calculations is accurate as of January 30 2019. How Is It Calculated. Includes 2 surcharge on values over 3000000.

We offer services in property transfer wills and estate planning contracts and various notarizations. British Columbia charges a Property Transfer Tax based on the propertys value and is calculated on a sliding scale. In other words the Buyer pays the PTT.

For most residential properties the general property transfer tax calculation is as follows. For homes with a purchase price of between 500000 and 525000 a partial refund is given. A sample calculation of this can be seen below.

A common question people ask is why the seller doesnt contribute to the transfer tax. What is land transfer tax. This calculator should not be considered a substitute for professional accounting or legal advice.

BC Property Transfer Tax Frequently Asked Questions. British Columbia Manitoba New-Brunswick Ontario Prince-Edward Island. Estimate your property transfer tax.

The calculator only applies the further 2 on residential properties over 3000000 and the additional property transfer tax fully to the calculation when you answer YES to questions C or D. 2 of the fair market value greater than 200000 and up to and including 2000000 16000 1000000 - 200000 800000 X 2 16000 The total general property transfer tax payable is 18000 2000 16000. BC also levies a much higher marginal tax rate on high value residential homes.