Effective February 21, 2018, there has been a slight change made to the Property Transfer Tax for homes in B.C. Previously, the property transfer tax was calculated as:
As of February 21, 2018, the property transfer tax is calculated as:
In addition to this, changes have been made to the property transfer tax for foreign entities & taxable trustee:
2) If the property transfer is subject to: a court order, Order Nisi of Foreclosure, separation agreement dated on or before February 21, 2018.
3) If the property transfer is: from the representative of an estate to the beneficiary, or to a surviving joint tenant, when the death of the deceased occurred on or before February 20, 2018
In these 3 cases, the additional property transfer tax won’t be applied.
However, these exceptions don't apply to the Greater Vancouver region
A bit about myself. I am a member of the British Columbia Notaries Public Society. I want to answer some of the most common questions that my clients have through my blog. Hope you find it useful.