If you are a first time home buyer, you may be exempt from the BC Property Purchase tax.  Your notary or lawyer should be able to confirm your eligibility for the exemption.

Some of the conditions for exempts are as follows:

1) You must not have owned a principal residence anywhere in the world

2) You must have resided in BC for at least 1 year

3) The purchase price must not be more than $450,000 

Please click on Instruction for Completion of First Time Buyer's Tax Return for a complete list of conditions for exemption.

The BC Property Purchase Tax is 1% on the first $200,000 and 2% on the amount over $200,000.  

One last note: Please consult your lawyer or notary as to whether you qualify for an exemption.  They are the experts in taxation and are up to date on recent tax rulings.  

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