Maria Mak - Burnaby REALTOR® - Professional services in Metro Vancouver for over 27 years

Having my green breakfast and my Sunday mass with my new Irish friend Ann.

www.mariamak.com

Maria Mak - Burnaby REALTOR® - I am dedicated to put smiles on each of my client's face

My drawings, my poems, my music,
They're just fragments of my feelings. 
Like collage of smorgasbord,Some more tasty some not.Not a painter, a poet or a musician,Just a professional realtor, Dedicated to put smiles on each of my client's face.Contact Maria Mak and her elite team @ Sutton Centre Realty for all your professional real estate services, you'll be smiling too!

www.mariamak.com

*Maria Mak - Burnaby REALTORS® - professional real estate services for over 27 years*

*Maria Mak - Burnaby REALTOR®- Sutton Centre Realty - Professional real estate services for over 27 years*

I am a professional dedicated realtor.

Wishing to put smiles on each of my client's face!

Contact Maria Mak and her elite team @ Sutton Centre Realty for all your premium real estate services, you'll be smiling too!

www.mariamak.com  

 

Maria Mak - Burnaby REALTOR® - Do you qualify for a PTT exemption?

The Newly Built Home Exemption reduces/eliminates the amount of Property Transfer Tax (PTT) paid on a newly built home.

What qualifies as a newly built home?

• a house built on vacant land;
• a new apartment in a newly built condominium building;
• a manufactured home on vacant land;
• an existing house that has been moved from one parcel of land to a vacant parcel;
• a new house or houses resulting from the subdivision of a lot;
• a house converted from an existing improvement on the land. The previous improvement couldn’t have been in residential use, for example a warehouse converted into apartments. 

Qualifying buyers may be eligible for either a full or partial exemption from the PTT.

If you paid the PTT when you bought vacant land and you now have a newly built home on the land, you may be eligible for a refund or a partial refund of the PTT.

Do you qualify for a PTT exemption?

To qualify, the property (land and improvement) must be registered at the land title office after February 16, 2016.

The property owner must be:

• an individual;
• a Canadian citizen or permanent resident; and
• in BC 

The property must:

• be used as your principal residence;
• have a fair market value of $750,000 or less; and
• be 0.5 hectares (1.24 acres) or smaller. 

You may qualify for a partial exemption, if the property:

• has a fair market value greater than $750,000 and less than $800,000;
• is larger than 0.5 hectares; or
• has another building on the property other than the principal residence 

Find out the amount of your exemption if you qualify.

If you don’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the tax.

Apply

To apply for the Newly Built Home Exemption, enter exemption code 49 on the Special Property Transfer Tax Return when theproperty is registered at a land title office.

Occupancy Requirements

After you have registered the property, you must meet occupancy requirements during the first year you own the property. To keep the tax exemption you must:

• move into your home within 92 days of the date the property was registered at the land title office, and
• continue to occupy the property as your principal residence for the remainder of the first year. 

You will receive a letter at the end of the first year to confirm you meet these requirements.

You may keep part of the exemption if you moved out before the end of the first year.

If the owner died, or the property is transferred because of a separation agreement or a court order under the Family Law Actbefore the end of the first year, the exemption may still apply.

Refund

If you qualify for the exemption, but didn't apply when you registered your home, you may apply for a refund.

Vacant land

If you registered a vacant lot and paid the tax, you may apply for a refund if:

• you have a newly built home on the land,
• you meet the qualifications for the Newly Built Home Exemption,
• you moved into your home and continued to occupy the property as your principal residence for the remainder of the first year,
• the fair market value of the land plus the cost of the newly built home is:
• $750,000 or less for a full exemption
• $800,000 or less for a partial exemption

Moving

If you move out of the home before the end of the first year, you may be eligible for a partial refund of the tax you paid.

If the owner died, or the property is transferred because of a separation agreement or a court order under the Family Law Actbefore the end of the first year, you may still be eligible for a refund.

Apply for a refund

To apply for a refund, complete the Newly Built Home Application for Refund (PDF).

You must apply for a refund after the first anniversary of the registration date and within 18 months from the date you registered the property at the Land Title Office.

If you applied for the First Time Home Buyers Program after February 16, 2016, but want to apply for the Newly Built Home Exemption instead, contact us.