One of the exemptions to British Columbia’s 20% Additional Property Transfer Tax (APTT), better known as the BC Foreign Buyer’s Tax, is if you hold a Confirmation of BC Provincial Nominee certificate.
On a $550,000 home purchase the standard Property Transfer Tax equals $9,000. But buying in certain BC geographic regions, and the APTT adds an astronomical $110,000 to the purchase price. The final purchase price? $669,000!
Specific rules apply to avoid paying the APTT with the Confirmation of BC Provincial Nominee certificate.
If you are a Confirmed BC Provincial Nominee planning on buying a home, contact me ideally before signing the purchase and sale agreement but even after you’ve signed as your closing date could be the difference between paying $0 and $110,000 APTT.
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