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  • Form Fin 56: First Time Home Buyers' Exemption Claim Year End ... - Sbr Gov Bc

Get Form Fin 56: First Time Home Buyers' Exemption Claim Year End ... - Sbr Gov Bc

7-0604 Lower Mainland: 604 660 2421 Toll-free: 1 800 663-7867 (and ask to be transferred to 250 387-0604) Fax: 250 953-3094 Website: www.sbr.gov.bc.ca/ptb Freedom of Information and Protection of Privacy Act (FOIPPA) The personal information on this form is collected for the purpose of administering the Property Transfer Tax Act under the authority of both this Act and section 26 of the FOIPPA. Questions about the collection or use of this information can be directed to the Information and Priv.

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New home buyers can apply for a rebate of up to a maximum of 36% of the tax if the purchase price is $350,000 or less. A partial GST rebate is available for new homes costing between $350,000 and $450,000.

A few qualifiers include having the minimum down payment required. Your maximum qualifying income must be no more than $120,000 and your total borrowing is limited to 4 times the qualifying income. If you meet these criteria, you can then apply for a 5% or 10% shared equity mortgage with the Government of Canada.

Qualifying criteria are diverse. For example, the BC definition of a first time home buyer is very strict: a person who has never owned or had an interest in a home anywhere in the world. However, the federal definition is more lenient and includes people who haven't owned a home in the past four years.

BC Property Transfer Tax Rates Purchase Price of HomeProperty Transfer Marginal Tax Fee First $200,000 1.0% $200,000 to $2,000,000 2.0% $2,000,000 to $3,000,000 3.0% Over $3,000,000 5% for residential properties, 3% for commercial properties Apr 2, 2024

Property owned by the federal or provincial government is fully exempt from property taxes for all purposes: section 125 of the Constitution Act. Property o​wned by a municipality is fully exempt from property taxes for all purposes: section 220(1)((b) of the Community Charter; and section 131(1) of the School Act.

Tax Credit in General For first time homebuyers, there is a refundable credit equal to 10 percent of the purchase price up to a maximum of $8,000 ($4,000 if married filing separately).

New home buyers can apply for a rebate of up to a maximum of 36% of the tax if the purchase price is $350,000 or less. A partial GST rebate is available for new homes costing between $350,000 and $450,000.

Under the previous regulations, first-time homebuyers were exempt from paying PTT on the first $500,000 of a home's value, provided the property did not exceed $500,000 in total value. Effective April 1, 2024, the exemption threshold will be raised to $835,000.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232