Estimated reading time: 2 minutes
Key Takeaways
- Property Transfer Tax (PTT) is applied in British Columbia when purchasing real estate at closing.
- PTT is charged for changes to property titles, including acquiring or gaining registered interests.
- The tax rates are 1% on the first $200,000, 2% on values up to $2,000,000, and higher rates for properties above that.
- For example, a $4,500,000 residential property incurs a PTT of $143,000 based on tiered rates.