In British Columbia, what is the maximum amount of Property Transfer Tax payable on a residential property purchase?
Correct Answer
C) 3% of the purchase price above $3 million with no maximum
BC Property Transfer Tax is 1% on the first $200,000, 2% on the portion from $200,000 to $2 million, and 3% on amounts above $2 million, with no maximum limit. Additional taxes may apply for foreign buyers and luxury properties.
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