In British Columbia, what is the total land transfer tax rate for a $2,000,000 residential property purchased by a non-resident?
Correct Answer
A) 3% plus 20% foreign buyer tax
In BC, the property transfer tax rate is 3% on the portion above $2,000,000, plus non-residents pay an additional 20% foreign buyer tax on the total purchase price. The standard property transfer tax applies first, then the foreign buyer tax is calculated separately on the full purchase price.
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