BC Government Website Full Information: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers/current-amount#current-exempt

What determines your exemption amount

If you qualify for the first time home buyers' exemption, the amount of property transfer tax you pay depends on:

1. The fair market value of the property

2. The percentage of the property transfer eligible for the exemption

3. The size of the property

4. Whether there are any non-residential improvements on the property

5. When the the property was registered

The exemption amount is deducted from the amount of tax you would normally pay.

Property size smaller than 0.5 hectares

If your property size is smaller than 0.5 hectares, the following information applies.

Note: If the property transfer is larger than 0.5 hectares then the fair market value of your property that is eligible for exemption will change. In this case, your exemption amount may also change.

Exemption amount when 100% of the property transfer is eligible

When 100% of the property transfer is eligible, the exemption amount is determined by the fair market value of your property. If the fair market value of the property is:

• $500,000 or less, you can claim an exemption amount equal to the full amount of property transfer tax

• Over $500,000 but no more than $835,000, the exemption amount is $8,000

• Over $835,000 and under $860,000 then the exemption amount is proportionally reduced

You can use the property transfer tax calculator to estimate the property transfer tax before exemption based on the fair market value of your property.

Below is the amount of tax payable if 100% of the property transfer is eligible for the first time home buyers’ exemption.

Exemption amount when only part of the property transfer is eligible

If only part of the property transfer is eligible (for example, not all of the purchasers qualify), the exemption amount will be reduced. The exemption amount will be based off the percentage of the property transfer that is eligible.

For example, you and your spouse purchase an $835,000 home as joint tenants, but only you are eligible for the first time home buyers’ exemption (your spouse is not eligible). The net property transfer tax payable is calculated as follows:

Property transfer tax before exemption (see table above)

Exemption amount available (see table above) X 50% (because only 50% of the owners are eligible) = $8,000 X 50%

Net property transfer tax payable

14,700
 

$4,000

 

$10,700

BC Government website for complete info: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes#chapter-contact

Eligibility

The Tax Deferment program is a low interest loan program available to eligible B.C. homeowners. It allows you to defer your current year property taxes.

Note: You must apply each year to continue with the program.

You can apply online through eTaxBC to renew the deferment of your property taxes or you can renew your application by selecting the automatic renewal process. If you choose not to renew each year, you must pay your property taxes to your rural or municipal tax office. You must do this before the property tax due date for the year that you have not applied for renewal. 

You may be able to defer your property taxes if you qualify for one of the following property tax deferment programs:

• Regular Program

• Families with Children Program

Regular Program

To apply for the Regular Program you must be one of the of the following: 

• 55 or older during the current year

• A surviving spouse of any age

• A person with disabilities

For the Regular program you must meet the applicant, property and equity qualifications.

Applicant qualifications

To qualify for this program, you must:

• Be a Canadian citizen or permanent resident of Canada

• Be a registered owner of the property

• Have lived in B.C. for at least one year prior to applying

• Pay property taxes for the residence to a municipality or the province

• Have paid all previous years' property taxes, utility user fees, penalties and interest

You must also be either:

• Aged 55 or older this calendar year (only one registered owner must be 55 or older any time during the current calendar year)

• A surviving spouse of any age who isn't currently the spouse of another person

• Designated as a person with disabilities under the Employment and Assistance for Persons with Disabilities Act

• A person with disabilities and, in the opinion of a physician, your severe mental or physical impairment:

  • Is likely to continue for at least two years

  • Directly and significantly restricts your ability to perform daily living activities, either continuously or periodically for extended periods, and

  • As a result of those restrictions, requires you to have an assistive device, the significant help or supervision of another person, or the services of an assistance animal to perform those activities

•  

Property qualifications

To qualify for this program, your property must:

• Be your principal residence (where you live and conduct your daily activities)

• Be taxed as residential (class 1) or residential and farm (class 1 and 9)

Families with Children Program

To apply for the Families with Children Program you must be one of the following:

• A parent

• A stepparent, or

• Are financially supporting a child

For the Families with Children program you must meet applicant, property and equity qualifications. 

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Applicant qualifications

Property qualifications

To qualify for this program, your property must:

• Be your principal residence (where you live and conduct your daily activities)

• Be taxed as residential (class 1) or residential and farm (class 1 and 9)

Equity requirements

You must have and maintain a minimum equity of 15% of the property's assessed value. This means that all charges registered against your property plus the amount of taxes you want to defer can’t be more than 85% of the BC Assessment value of your property in the year you apply.

If you have a secured debt on your property, such as a mortgage or a line of credit, contact your lender before you apply. You need to ensure your approval into the tax deferment program doesn't conflict with the terms of your loan. Some lenders may not allow you to enrol into the tax deferment program with the type of loan you have.

Find out how your equity is calculated.

Note: Even if you meet all the above criteria, you still might not be eligible for this program. See the other eligible criteria below for more information