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Difference between revisions of "Buying a Home"
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→Be careful—there are many other costs besides the purchase price
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*'''Property purchase tax (PPT)'''—you may not have to pay PPT on your [http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers first home]. [http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers Other exemptions] also exist. For more information, call the Property Transfer Tax office of the BC government in Victoria, at 250.387.0604. Outside Victoria, call Enquiry BC at 604.660.2421 in Vancouver and 1.800.663.7867 elsewhere in BC and ask for the Property Transfer Tax office. | *'''Property purchase tax (PPT)'''—you may not have to pay PPT on your [http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers first home]. [http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers Other exemptions] also exist. For more information, call the Property Transfer Tax office of the BC government in Victoria, at 250.387.0604. Outside Victoria, call Enquiry BC at 604.660.2421 in Vancouver and 1.800.663.7867 elsewhere in BC and ask for the Property Transfer Tax office. | ||
:PPT is calculated as follows: | |||
:*1% of the first $200,000 of the property’s fair market value, plus | :*1% of the first $200,000 of the property’s fair market value, plus | ||
:*2% of the rest of the property’s fair market value, up to $2,000,000, plus | :*2% of the rest of the property’s fair market value, up to $2,000,000, plus | ||