This now applies to FOREIGN BUYERS
* An additional property transfer tax applies to residential property transfers to foreign entities in the
* Greater Vancouver Regional District
* Capital Regional District
* Fraser Valley Regional District* Regional District of Central Okanagan
* Regional District of Nanaimo
- The Buyer is and will be on the Completion Date, a "foreign entity" or a "taxable trustee" as defined in the British Columbia Property Transfer Tax Act [as amended[] collectively the "Foreign Entity"]. The Buyer is aware that that the Property Transfer Tax Act imposes an additional 20% Property Transfer Tax of the fair market value of any residential property being purchased by a Foreign Entity. The Buyer will thus be required to pay Property Transfer Tax equal to the total of:
1% under $200,000 = $ 2,000.00
2% over $200,000 and less than $2 million = $36,000.00
3% over $2 million and less than $3 million = $30,000.00
Tax 5% on amount over $ 3million = $150,000.00
TOTAL TAX ON $6 million = $218,000.00
PLUS
20% FOREIGN BUYERS on $6 million = $1,200,000.00
THEREFORE TOTAL TAXES ARE $1,418,000.00