Taxes

Tax on FURNITURE

Estimated reading time: 4 minutes

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Key Takeaways

When buying property in Whistler with included furniture, PST applies to the furniture’s value, typically 7%.
Buyers need to document the value of the furniture in the Contract of Purchase and Sale to avoid tax complications.
Mortgage companies do not finance furniture, often requiring its value to be deducted from the sale price.
Buyers must pay PST on the furniture if financing is not used, leading to potential audits for unpaid taxes.
Contact Marion Anderson for assistance with buying real estate in Whistler.

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What should I know about GST on real estate?

Estimated reading time: 5 minutes

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Key Takeaways

GST applies to most real estate transactions in Whistler unless the property is exempt based on the vendor’s use.
Buyers should obtain a warranty on a property’s GST status in the purchase contract, as it is determined by the vendor.
When earning over $30,000 in gross revenue from rentals, a GST number is required for tax collection.
It is essential for buyers to understand if GST is included in the purchase price or additional before closing.
Professional advice is crucial to navigate GST implications in Whistler real estate transactions.

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How to calculate PROPERTY TRANSFER TAX?

Estimated reading time: 2 minutes

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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.

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