View Vancouver BC Homes

In British Columbia, a first time home buyer is exempt from Property Transfer Tax when purchasing their new home. There are some eligibility requirements, both for the home buyer and the property itself.

Who can claim the exemption?

To qualify for a Property Transfer Tax exemption, the home buyer must be ALL of the following:

* A Canadian citizen or permanent resident

* a person who has resided in British Columbia for 12 consecutive months immediately prior to the date of registration of the transfer, or who has filed two income tax returns as a British Columbia resident within the last six years,

* a person who has never, at any time, held a registered interest in a principal residence anywhere in the world (a principal residence is defined as the usual place where an individual resides), and

* a person who has not previously received an FTHB exemption or refund.

What property qualifies for the exemption?

Under the First Time Home Buyer program, a full exemption from the BC Property Transfer Tax is only applicable if:

* the improvements on the property become the principal residence (whether or not they are formally classified as residential),

* the land is 0.5 hectares (1.24 acres) or smaller, and

* the value of the land plus improvements falls below the set threshold amount of $425,000.

The above threshold amount applies to purchases registered on, or after, February 20, 2008.

What about partial exemption?

If part of the improvements on the land are used for purposes other than the purchaser’s primary residence, such as where part of the improvement is used for commercial purposes or where there is a separate dwelling or residential improvement on the land, only the portion that is the purchaser’s primary residence is eligible for the exemption. If the land is larger than 0.5 hectares, only the residential improvement and 0.5 hectares of the land are eligible for the exemption. Where a property has a fair market value of up to $25,000 more than the threshold amount, the property is eligible for a partial exemption.

When can the refund be claimed?

A home buyer may claim the exemption at the time the transfer is registered at the Land Title Office.

Occupancy Requirements

During the first year of ownership, the home owner must occupy the property within 92 days of the transfer being registered at the Land Title Office. The purchaser then must use the property as his or her principal residence for at least one year since the transfer registration at the Land Title Office.

If the property purchased is vacant land, and the purchaser wants to claim the first time home buyers’ exemption, a principal residence must be built on that land within one year after the transfer is registered, and the purchaser must then reside on the property for the remainder of that year to receive the full exemption.

Sapan Behar is a Real Estate Agent based in Langley, British Columbia. He specializes in Langley real estate He is also an expert on Fraser Valley condos [http://www.fraservalleycondos.ca] Sapan is associated with Royal LePage Wolstencroft Realty Ltd., a full service real estate brokerage located in Langley, BC and runs the most advanced Fraser Valley real estate website.

Article Source:

http://EzineArticles.com/?expert=Sapan_Behar

---

If you’ve been keeping up with my blog posts lately you’ll know I’ve come to adding a few news posts from around the web on this subject. I’ve got a couple more today that are new and updated, so let me know what you think of em…

Passion for literacy fuels mother-daughter business

Now 62, she was 56 when she started the company that de-clutters, organizes, cleans, downsizes, and stages homes for sale. She has always had family working …   Read More…

UV ic begins rabbit cull with lethal injections

This week a letter went from the BC SPCA to all Greater Victoria municipalities Burnaby urging them to bring in bylaws Carter to stop the sale of rabbits in …   Read More…

Fight HST: list of HST-affected items is incomplete

Vander Zalm says you'll also notice extra taxes on things like new homes and private sale cars. He says the plan to add what is being called "embedded PST" …   Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.

---

What are the top 4 sims 2 stuff packs?

I am eventually getting all the stuff packs and I don't know what to get first. I heard teen style stuff was good so i might get that.
What are YOUR top 4?

 Mail this post

Technorati Tags: BC homes for sale, houses for sale in BC

Tags: BC homes for sale, houses for sale in BC