A foreign national purchases a $3,000,000 residential property in a designated area of BC. What is the total of ALL Property Transfer Tax components (general PTT plus additional foreign buyers tax)?
Correct Answer
C) $668,000
General PTT: 1% × $200,000 = $2,000; 2% × $1,800,000 (from $200,001 to $2,000,000) = $36,000; 3% × $1,000,000 (from $2,000,001 to $3,000,000) = $30,000. General PTT total = $68,000. Foreign buyers additional tax: 20% × $3,000,000 = $600,000. Grand total = $68,000 + $600,000 = $668,000.
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