The amount of tax due depends on the fair market value of the property that is transferred:
- If the fair market value is $200,000 or less, the tax is 1% of the fair market value.
- If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.
- if fair market value of property is $150,000
tax payable is: 1% of $150,000 = $1,500
- if fair market value of property is $250,000
tax payable is: 1% of $200,000 = $2,000
plus 2% of $50,000 = $1,000
for total tax payable of $3,000
There are a number of exemptions available to purchasers so that the tax is not payable. The most common is the exemption for First Time Buyers.
For full information on exemptions, visit: Government of British Columbia