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Are you a first time home buyer?

The province of B.C has a First Time Home Buyers’ Program to help you purchase your first home. Moreover, the program focuses on reducing or eliminating the amount of property transfer tax you pay when you purchase your first home. Depending on your eligibility, you may qualify for either a full or partial exemption from tax at the time the property is registered. 

To qualify you must meet the following requirements for a full exemption:

  •  You must be a Canadian citizen or permanent resident
  • Lived in the province of B.C. for a minimum of 1 year before the date you register the property
  • File a minimum of 2 income tax returns as a B.C resident in the last 6 taxation years prior to the registration date 
  • Have not owned a registered interest in a principal property anywhere in the world
  • Never received a First Time Home Buyers’ exemption or refund
  • The property must be used as your principal residence
  • With a fair market value of $500,000 or less
  • Be 1.24 acres or smaller

If one or more purchasers don’t qualify for a full exemption you may qualify for a partial exemption if the property:

  • Has a fair market value less than $525,000
  • Greater than 1.24 acres
  • Another building is located on the property other than the principal dwelling
Visit a local legal professional in Kelowna to help you with the application process. The future looks bright.
 
These guidelines were sourced from the First Time Home Buyers’ Program – Government of B.C. 

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