In British Columbia, which additional tax applies when a foreign national buys residential property in a specified area such as Metro Vancouver?
Correct Answer
C) Additional property transfer tax at 20%
Property Transfer Tax Act s. 2.02 imposes an additional tax, on top of the general property transfer tax, when a foreign entity or taxable trustee acquires residential property in a specified area. The statutory default rate is 15%, but the prescribed rate has been 20% since February 21, 2018 (Property Transfer Tax Regulation s. 17.02).
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A foreign national buys a $2,000,000 home in Metro Vancouver. How much Property Transfer Tax is payable in total, including the additional tax?
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A first-time buyer purchases a $450,000 home in Ottawa, outside the City of Toronto. Which land transfer tax relief can they claim?