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Arev You A First Time Home Buyer?

Arev You A First Time Home Buyer?


First of all, do you qualify as a first time home buyer?

To qualify for a full exemption, at the time the property is registered you must:

  • Be a Canadian citizen or permanent resident
  • Have either:
    • Lived in B.C. for at least a year immediately before the date you register the property
    • Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date
  • Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time
  • Have never received a first time home buyers' exemption or refund

and the property must:

You may qualify for a partial exemption from the tax if the property:

There are other incentive and supportive government programs that assist #firsttimehomebuyers in Canada. I will chat about those in future blogs!

For more details on this particular exemption, go to the link below:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

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