Is there Tax on Furniture Included in the Sale?

When buying a property in Whistler and furniture is included, Provincial Sales Tax (PST) is applicable on the value of the furniture. I have this on the authority of a Race and Company lawyer. This 7% PST is charged on used furniture and has to be accounted for. This tax will be of most concern to the buyer who is financing the purchase as the mortgage company will not finance furniture. However, like everything else in financing…it depends.

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What is Property Transfer Tax?

Property Transfer Tax (PTT) is the Government of British Columbia’s tax on the purchase of real estate. The tax is charged at the time of closing and the transfer of title from the seller to the buyer. Financial institutions will not include PTT as part of your mortgage.

You are charged property transfer tax when you make changes to a property’s title, including but not limited to:

1. acquiring a registered interest in the property
2. gaining an additional registered interest in the property
3. becoming the registered holder of a lease, life estate, or right to purchase for the property

The property transfer tax rate is:

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