Property Transfer Tax
When you purchase or gain an interest in property that is registered at the Land Title Office of BC, you must file and pay a property transfer tax (PPT) on the sale price or fair market value on the day it was registered. The PPT is separate from municipal and city property taxes. It is a special levy on the trade of real estate.
There are three rates to consider when calculating your total property transfer tax amount:
- General property transfer tax
- Further 2% on residential property over $3,000,000
- Additional property transfer tax
If you are a foreign national, foreign corporation or taxable trustee, you must also pay a tax surcharge. Visit the BC Government website for more information on additional property transfer tax.
The following chart estimates Land Transfer Taxes by province.
BRITISH COLUMBIA – Property Transfer Tax
Up to $200,000 X 1 % of total property value
From $200,000 up X 2 % of total property value
MANITOBA – Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X .5 % of total property value
From $90,000 to $150,000 X 1 % of total property value
From $150,000 up X 1.5 % of total property value
ONTARIO – Land Transfer Tax
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value
QUEBEC – Transfer Tax
Up to $50,000 X .5 % of total property value
From $50,000 to $250,000 X 1 % of total property value
From $250,000 up X 1.5 % of total property value
NOVA SCOTIA – Land Transfer Tax
Halifax Metro – 1.5 per cent on total property value
Outside Halifax County – Check with local municipality.
Questions? Contact us today to discuss your next real estate transaction.
SEAN ROGGEMAN
250-341-5445
sean@rockieswest.com
INVERMERE REAL
ESTATE OFFICE
492 Highway 93/95
Invermere, BC V0A 1K2
FAIRMONT REAL
ESTATE OFFICE
#3, 5019 Fairmont Resort Rd
Fairmont Hot Springs
BC VOB 1L1