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Understand Your Taxes

 

You are charged property transfer tax when you make changes to a property's title, including:

  • acquiring a registered interest in the property

  • gaining an additional registered interest in the property

  • becoming the registered holder of a lease, life estate, or right to purchase for the property

The amount of tax you pay is based on the fair market value of the land and improvements (e.g. buildings) on the date of registration unless you purchase a pre-sold strata unit. The tax is charged at a rate of 1% for the first $200,000 and 2% for the portion of the fair market value that is greater than $200,000.

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