When property is purchased in BC, the potential amount of tax to be paid can vary greatly. This calculator will help determine the payable taxes by breaking down how much Goods and Services Tax (GST) and Property Transfer Tax (PTT) should be charged, less any PTT exemptions (for first-time homebuyers and/or newly-built homes), as well as any eligible federal rebates, and provide an estimate of the total costs.
British Columbia Real Estate Association (BCREA has created a tax calculator to give a sense of which taxes will apply in various scenarios. Please note that this calculator should not be considered a substitute for professional accounting or legal advice.
Click here to use BCREA’s tax calculator (which is also accessible on a mobile device).
(Source of Text & Photo: BCREA)