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In today’s Finance Minute let’s talk about the next biggest expense that you have to pay when buying a property. It’s the Property Transfer Tax.  For those buying a Property in British Columbia ONLY, the property transfer tax rate is 1% on the first $200,000 2% of the value of the property above $200,000 and up to and Including $2,000,000.  If you are a First Time Homebuyer meaning you’ve never owned a principal residence anywhere in the world, then you are exempt from paying the Property Transfer Tax if the property that you are buying is worth $500,000 and below.  Another exemption is If you are buying a brand new property worth $750,000 and below.  

If you want to use a Calculator to figure out the amount that you have to pay please go to this link. https://forms.gov.bc.ca/taxes/estimate-your-property-transfer-taxes/

If it’s too confusing, let’s talk  and we can figure it out together.  I want to create a positive lasting difference in the lives of thousands. Please like and share this post so you can too!

DISCLAIMER: The information in this post is solely advisory, and should not be substituted for legal, financial or tax advice. Any and all decisions and actions must be done through the advice and counsel of a qualified attorney, financial advisor and/or CPA. We cannot be held responsible for actions you may take without proper financial, legal or tax advice.

Karista Events & Workshops

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What: FREE Real Estate Investing Workshop
When: TBA
Time: 6:30PM to 8:30 PM Pacific Time
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What: FREE First-time Homebuyer Workshop
When: November 17th, 2022 (Thursday)
Time: 6:30 PM to 8:30 PM Pacific Time
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