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Personal Transfer Tax Changes 2016

Personal Transfer Tax BC Budget 2016
Changes in the latest BC budget regarding the Personal Transfer Tax (PTT) 

The following is effective immediately.

1. There are no changes to the first time home buyer exemption limits.

2. All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00

3. PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.

Read Information about the PTT on the BC Government Web Site

 

Or call your mortgage professionals at Dreyer Group Vancouver 604-669-6006