LAND TRANSFER TAX REBATE

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.ca’s calculator to determine your applicable land transfer tax or view BC’s current rates below and follow along with our sample calculation.

Land transfer tax is a provincial tax on real estate purchases, which is paid by buyers. In addition to provincial land transfer tax, some municipalities have their own land transfer tax. Land transfer tax is not payable by the seller.

If you buy land or an interest in land in most provinces and territories in Canada, you must pay a land transfer tax. However, there are limited circumstances where land transfer tax may not be required. For example, in British Columbia, Ontario and PEI, these might include:

certain transfers between spouses,
certain transfers resulting from a marriage breakdown,
certain transfers from an individual to their family business corporation,
certain transfers of farmed land between family members,
certain transfers to a registered charity.

Location

Please ensure your location is correct in order to find the best rates available in your area. If the selected location is already correct, simply close this tip.Vancouver, BC

When you a buy a house, condo or land in BC you are subject to land transfer tax which is due upon closing.

In British Columbia, buyers must pay a property transfer tax, which is based on the fair market value of the land and improvements. The tax is charged at a rate of 1% for the first $200,000, 2% for the portion of the fair market value that is greater than $200,000 up-to and including $2,000,000, and 3% on the portion of the fair market value greater than $2,000,000.

Use Ratehub.ca’s calculator to determine your applicable land transfer tax or view BC’s current rates below and follow along with our sample calculation.

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 OF HOME	MARGINAL TAX RATE
First $200,000	1.0%
On $200,001 to $2,000,000	2.0%
Over $2,000,000	3.0%
Over $3,000,000	A further 2% for residential properties (5% total)

Land Transfer Tax Calculator

Asking Price

Go

STEP 1

Enter the price of the home you're interested in and press GO.

Land Transfer Tax: $-			STEP 4 If necessary, update your profile to calculate land transfer tax. Profile Location: I am a first-time home buyer I am buying a newly built home
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

Land Transfer Tax $-
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
*You will be required to pay a title transfer fee.
STEP 4 If necessary, update your profile to calculate land transfer tax. Profile
Location
I am a first-time home buyer
I am buying a newly built home

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British Columbia Land transfer tax rebate 2

British Columbia provides land transfer tax rebates for first-time homebuyers. Homes purchased for $500,000 or less will receive a full refund. For homes with a purchase price of between $500,000 and $525,000, a partial refund is given. A sample calculation of this can be seen below.

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.