First
Time Home Buyers Program
Introduced in 1994, the First Time Home Buyers'
Program is designed to help British Columbians purchase their
first home. Under the program, eligible purchasers can claim
an exemption from Property Transfer Tax if the fair market
value of the home is less than the threshold amount.
Thresholds
For registrations on, or after, February
20 2008, the fair market value threshold for eligible residential
property is $425,000. A proportional exemption is provided
for eligible residences with a fair market value of up to
$25,000 above the threshold (i.e. up to $450,000).
Other Criteria
To qualify for the First Time Home Buyers'
exemption you must meet all of the initial eligibility
criteria. To retain the exemption, there are also requirements
which must be met in the year following the transfer. For a
general overview of the eligibility criteria, please see the
brochure, Property
Transfer Tax and the First Time Home Buyers' Program. For complete information on all of the eligibility
criteria, please see:
To claim the exemption you must file a First
Time Home Buyers' Property Transfer Tax Return (FIN 269)
and the appropriate Land Title forms at the Land Title
Office when you apply to register your property.
Refunds
If you do not qualify at the time of registration,
but you meet all the requirements by the first anniversary
of the registration date, you can apply for a refund of the
tax paid. Applications for refund must be made within 18
months of the registration date. Please see How
to File for
more information.
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