Have you ever wondered if you qualify for a First Time Home Buyers’ Exemption? Here’s a handy guide to find out!
To qualify for the exemption that main criteria is:
- Having never owned an interest in a principal residence anywhere in the world at any time.
To clarify, this means that you could have owned 5 investment properties, but as long as you have never lived in or claimed one as your principal residence, you qualify!
As long as you:
- Move into the property within 92 days, and
- Live in the property for 1 calendar year
To qualify for a full exemption, at the time the property is registered, you must:
- Be a Canadian citizen or a permanent resident
- Have lived in B.C. for 12 consecutive months immediately before the date you register the property or have filed at least 2 income tax returns as a B.C. resident in the last 6 years
- Have never owned an interest in a principal residence anywhere in the world at any time
- Have never received a first-time home buyers’ exemption or refund
And the property must:
- Be located in B.C.
- Only be used as your principal residence
- Have a fair market value of:
- $475,000.00 or less if registered on or before February 21, 2017 or
- $500,000.00 or less if registered on or after February 22, 2017
- Be 5 hectares (1.24 acres) or smaller
You may qualify for a partial exemption from the tax if the property:
- Has a fair market value less than:
- $500,000.00 if registered on or before February 21, 2017, or
- $525,000.00 if registered on or after February 22, 2017
- Is larger than 5 hectares (1.24 acres)
- Has another building on the property other than the principal residence
If you have any questions about your qualifications, call us today!
