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ADDITIONAL PROPERTY TRANSFER TAX APPLICATION FOR REFUNDProperty Transfer Tax Inquiries Victoria: 2503870555 Toll free: 18883552700 gov.bc.ca/propertytransfertaxINSTRUCTIONSunder the Property Transfer.

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How to fill out the Property Transfer Tax - Province Of British Columbia online

Filling out the Property Transfer Tax form online can seem daunting, but it is a straightforward process once you understand each section. This guide will provide you with clear, step-by-step instructions to help you successfully complete your application for a refund of the additional property transfer tax in British Columbia.

Follow the steps to complete your application with ease.

  1. Press the ‘Get Form’ button to access the Property Transfer Tax form and open it in the appropriate online editor.
  2. In Part A, list all purchasers or transferees acquiring an interest in the property. Record the date of registration using the format YYYY/MM/DD.
  3. Provide the Parcel Identifier (PID) or title number of the property. Include the complete mailing address of the property purchased.
  4. For each purchaser, select the correct status (Individual, Corporation, or Other) and provide all relevant information, including last name, given name(s), date of birth, and country of citizenship.
  5. Indicate if the purchaser was a BC Provincial Nominee at the time of registration and whether they are applying for an exemption as a general partner or bare trustee of a limited partnership.
  6. In Part B, complete the refund information for each purchaser qualifying for a refund by providing the percentage of ownership transferred, taxable residence value, and additional property transfer tax paid.
  7. Calculate the total additional property transfer tax refund in the specified column, ensuring that the sum is accurate.
  8. Attach any required supporting documents listed in Part C, such as proof of citizenship or residency and the limited partnership agreement.
  9. In Part D, all purchasers must certify their application by signing it and providing their full legal name, telephone number, and email address.
  10. Finally, you can save your changes, download, print, or share the completed form as needed.

Start your application now and complete the Property Transfer Tax form online with confidence.

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Related content

EX-99.12 3 tm2029830d1_ex99-12.htm EXHIBIT 99.12...
Lieutenant Governor of the Province of British Columbia ... Property transfer tax revenue...
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Canada GST159 2011 Canada TBS/SCT 330-304E 2001 Canada TBS/SCT 340-55 2006 IN Form - XXXIX

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How Is It Calculated? The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property's fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value.

The buyer incurs the property transfer tax at the time of completion of a real estate purchase, and sellers do not pay the property transfer tax.

Effective January 1, 2024, if you're purchasing a new qualifying purpose-built rental building, you may qualify for an exemption from the further 2% property transfer tax on the amount of the residential property value that exceeds $3,000,000. More information is coming soon.

Foreign Buyer Tax: The BC Foreign Buyers Tax is a 20% tax added to the Property Transfer Tax when a foreign citizen or non-permanent resident of Canada purchases a residential property in designated regions on Vancouver Island.

Purpose-built rental exemption Effective January 1, 2024, if you're purchasing a new qualifying purpose-built rental building, you may qualify for an exemption from the further 2% property transfer tax on the amount of the residential property value that exceeds $3,000,000. More information is coming soon.

If a buyer is a foreign national, foreign corporation or taxable trustee, you must pay the additional property transfer tax on your proportionate share of a residential property's fair value if the property is within specified areas of BC. The current tax rate is 20%.

On the purchase of any property in British Columbia, the purchaser must pay Property Transfer Tax (PTT) on the transaction. The PTT is calculated as follows: 1% of the taxable transaction's fair market value that does not exceed $200,000. 2% of that fair market value that exceeds $200,000 but does not exceed $2,000,000 ...

The general property transfer tax rate is: 1% of the fair market value up to and including $200,000. 2% of the fair market value greater than $200,000 and up to and including $2,000,000. 3% of the fair market value greater than $2,000,000.

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