In British Columbia, an Additional Property Transfer Tax (APTT) is imposed on residential property transfers involving foreign entities. This tax applies to properties located in specific regions, including the Greater Vancouver Regional District, the Capital Regional District, Fraser Valley, Central Okanagan, and Nanaimo Regional Districts.
Key Points:
- Who Pays the APTT?
- Foreign nationals
- Foreign corporations
- Taxable trustees
- Tax Rate:
- The APTT rate is 20% of the property’s fair market value.
- Exemptions:
- Limited partnerships, if all partners are Canadian citizens or permanent residents.
- PR applicants under the Provincial Nomination Program (PNP)
- Filing and Payment:
- The APTT must be paid at the same time as the general Property Transfer Tax.
For more detailed information, visit the Government of British Columbia’s official page.
This tax aims to address housing affordability by reducing the impact of foreign investment in the residential property market. If you’re involved in property transactions in these regions, ensure you understand your obligations under this tax.
Contact me for more information:
Isabel Medina – Mortgage Broker DLC
isabel.medina@dominionlending.ca
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