Taxes

GST: The application of the Goods and Services Tax (GST) to real estate transactions is complex. Generally speaking, GST applies to the sale or rental of real estate unless the sale or rental is exempt.Exemptions may include but are not restricted to the following: sales of used residential housing other than substantially renovated property, sales of personal-use land by an individual or an estate, certain sales of farmland to related individuals where the farmland is for personal use, and most sales and rentals of real property by charities, non-profit organizations and other public-service organizations.

If you're selling a property where you've derived business income or short term vacation rental income, GST may be applicable. Please contact me if you'd like to discuss your specific property or circumstance, I'm happy to help.

PTT: Property Transfer Tax is payable in B.C. unless you qualify for an exemption. Contact me if you have any questions at all, or visit: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax

Speculation Tax: The speculation and vacancy tax is an annual tax based on how owners use residential properties in major urban areas in B.C. Contact me for more information, or visit: https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax

Municipal Property Taxes: When you own property in a municipality, you will receive your property tax notice from your municipality. You pay your property taxes to your municipal office directly. You may qualify for a Homeowner Grant or as a Senior you may be able to defer your taxes. For more information, visit your Municipality's website or: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/municipality