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I have 2.5 years living in BC, Canada and i am going to buy a house. Do I have to pay property transfer tax? |
I have 2.5 years living in BC, Canada and i am going to buy a house. Do I have to pay property transfer tax? If you are a "First Time Home Buyer" you may qualify for a full or partial exemption from the BC property transfer tax. The following conditions must be met in order to qualify for this exemption: To qualify for the FTHB exemption, the transferee (purchaser) must be all of the following: 鈥 Canadian citizen or a permanent resident as determined by Immigration Canada, 鈥 person who has resided in British Columbia for 12 consecutive months immediately prior to the date of registration of the transfer, or who has filed two income tax returns as a British Columbia resident within the last six years, 鈥 person who has never, at any time, held a registered interest in a principal residence anywhere in the world (a principal residence is defined as the usual place where an individual resides), and 鈥 person who has not previously received an FTHB exemption or refund. Further information can be found at the following BC Government website: http://www.rev.gov.bc.ca/rpt/ptt/pttbull... TIMH |
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