In British Columbia, what is the highest marginal rate of general Property Transfer Tax on a residential purchase, and is there a maximum amount?
Correct Answer
B) 5% on value above $3 million, with no cap
Property Transfer Tax Act s. 3(1) charges 1%, 2% and 3% brackets, and s. 3.01 adds a further 2% on residential property value above $3,000,000. That makes the top residential rate 5% (3% + 2%) on value over $3 million, and the Act sets no maximum amount.
Why This Is the Correct Answer
3% general rate plus the further 2% under s. 3.01 gives 5% on residential value above $3,000,000, with no cap in the Act.
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