Foreign buyer property tax - BC
#1
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Joined: Mar 2019
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Foreign buyer property tax - BC
Hello all
My first post here.
Myself and my partner will be moving to BC later this year. I'm a PR and she will be on a work permit (future plans are to marry etc at some point..). My question is, if we bought a property together, will we still be liable for the for the Foreign Buyers Tax?
Thanks
My first post here.
Myself and my partner will be moving to BC later this year. I'm a PR and she will be on a work permit (future plans are to marry etc at some point..). My question is, if we bought a property together, will we still be liable for the for the Foreign Buyers Tax?
Thanks
#2
Re: Foreign buyer property tax - BC
Hello all
My first post here.
Myself and my partner will be moving to BC later this year. I'm a PR and she will be on a work permit (future plans are to marry etc at some point..). My question is, if we bought a property together, will we still be liable for the for the Foreign Buyers Tax?
Thanks
My first post here.
Myself and my partner will be moving to BC later this year. I'm a PR and she will be on a work permit (future plans are to marry etc at some point..). My question is, if we bought a property together, will we still be liable for the for the Foreign Buyers Tax?
Thanks
#3
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Joined: Mar 2019
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Re: Foreign buyer property tax - BC
Hi, welcome to BE. I'm afraid I've no idea about the tax, but just wanted to check - you say you'll be a PR but she'll be on a work permit, was she not on your PR application then? Have you already 'landed' and got PR or still do to that? If you've not yet done it, then just checking, but have you lived together for a year or more? Sorry for the personal question, but often people aren't aware of the rules regarding landing and declaring common-law partners so just wanted to flag it just in case.
#4
Re: Foreign buyer property tax - BC
Hopefully some clever person will be along shortly to answer your tax question.
Good luck with it.
#5
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Re: Foreign buyer property tax - BC
Aha, perfect. Just wanted to check, sorry for the questions but we have occasionally had people on the forum who have had no idea they have to declare a partner before landing and have scuppered any chance of sponsoring said partner in the future!
Hopefully some clever person will be along shortly to answer your tax question.
Good luck with it.
Hopefully some clever person will be along shortly to answer your tax question.
Good luck with it.
Anyway, hopefully someone can advise me on the buyers tax rules.
#6
Re: Foreign buyer property tax - BC
Hello all
My first post here.
Myself and my partner will be moving to BC later this year. I'm a PR and she will be on a work permit (future plans are to marry etc at some point..). My question is, if we bought a property together, will we still be liable for the for the Foreign Buyers Tax?
Thanks
My first post here.
Myself and my partner will be moving to BC later this year. I'm a PR and she will be on a work permit (future plans are to marry etc at some point..). My question is, if we bought a property together, will we still be liable for the for the Foreign Buyers Tax?
Thanks
http://en.wikipedia.org/wiki/Bill_28...ign-buyers_tax
#8
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Re: Foreign buyer property tax - BC
Your proportionate share is the percentage of interest that you are registering on title with the Land Title Office. For example, if you are a foreign entity (foreign national or foreign corporation) acquiring a 70% interest in a property, you pay the additional property transfer tax on 70% acquired interest.
#9
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Re: Foreign buyer property tax - BC
#10
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Posts: 2,031
Re: Foreign buyer property tax - BC
Not on expert on the rules in BC but I had a recollection that they relaxed the rules for people with work permits that were working and paying taxes in BC. This article suggests my recollection is correct.
#11
Re: Foreign buyer property tax - BC
#12
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Location: BC, Canada
Posts: 3,874
Re: Foreign buyer property tax - BC
You also have to look out for the Speculation and Vacancy Tax which affects certain regions of BC, including Vancouver......... we have just filed ours. Each owner of a property has individually to fill a form stating that they have lived in it for at least 6 months of the previous year OR rented it out. If one owner does not fill out that form, then by a certain date, they will become liable for a Speculation Tax.
Thus 1 owner will be exempt from the tax and 1 will have to pay it ................ and there are cases where 1 partner may have been here while the other has been out of BC for most of the previous year.
This is in addition to the Vancouver Empty Homes tax ........... once again, owners have to fill out a form stating that they live in or rent out for more than 6 months of the previous year any property they own.
Thus 1 owner will be exempt from the tax and 1 will have to pay it ................ and there are cases where 1 partner may have been here while the other has been out of BC for most of the previous year.
This is in addition to the Vancouver Empty Homes tax ........... once again, owners have to fill out a form stating that they live in or rent out for more than 6 months of the previous year any property they own.