A couple purchases a new home in British Columbia for $800,000. What is the total amount of provincial land transfer tax they must pay?
Correct Answer
B) $15,000
BC's Property Transfer Tax is calculated as: 1% on the first $200,000 ($2,000), 2% on the portion from $200,001 to $2,000,000 ($12,000 on $600,000), plus 3% on any amount over $2,000,000. For $800,000: $2,000 + $12,000 = $15,000 total.
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