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:

• Only be used as your principal residence
• Have a fair market value of $500,000 or less
• Be 0.5 hectares (1.24 acres) or smaller

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

• Has a fair market value less than $525,000
• Is larger than 0.5 hectares
• Has another building on the property other than the principal residence

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