Salt Spring Lawyers
Notice of BC real estate taxes;
The general property transfer tax applies to all taxable transactions. The general property transfer tax rate is:
- 1% of the fair market value up to and including $200,000
- 2% of the fair market value greater than $200,000 and up to and including $2,000,000
- 3% of the fair market value greater than $2,000,000
Further 2% on residential properties over $3,000,000
If the property has residential property worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000.
If the property is mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property.
If the property includes land classed as farm only because it is used for an owner’s or farmer’s dwelling, up to 0.5 hectares will be treated as residential property.
In addition to the property transfer tax, if you’re a foreign national, foreign corporation or taxable trustee, you must pay the additional property transfer tax of 20% on your proportionate share of a residential property’s fair market value if the property is within the CRD and yes Salt Spring is in the CRD.
GST is a federal tax, that could be payable on all or some but not limited to newly created building parcels, new homes, certain properties held for resale, a home that has been substantially renovated, homes owned by corporations, and some vacation rental homes. More about GST here. You should seek independent professional advice on GST and if it’s applicable.
Some Salt Spring Island and or Victoria Lawyers;
Lawyer Anna Pugh
Email Anna @ ssilaw.ca
1105-115 Fulford-Ganges Road
Tel 250-537-5505
Fax 250-537-5099
Mullin DeMeo
Lawyers
Toll-free 1-877-477-3327
Tel 250-477-3327
Fax 250-477-0980
www.realestatelawvictoria.com
McKimm & Lott
Lawyers
Tel Sidney BC 250-656-3961
Tel SSI 250-537-9951
Pasuta, James D
Lawyer
Tel 250-537-9995
Fax 250-537-9975
This is a list of Salt Spring Island and or Victoria Lawyers and Notary Public you could use for your real estate transaction. You may already have a BC Lawyer and that is fine. I do not guarantee or endorse any of the above Lawyers.
Customary closing costs;
Seller
Lawyer or Notary Fees and Expenses
– attending to the execution of documents
Cost of clearing title, including:
– discharge fees charged by encumbrance holders (mortgage)
Real Estate commission + GST
Buyer
Lawyer or Notary Fees and Expenses:
– Searching title,
– Investigation of title,
– Drafting documents,
– Land Title Registration fees
Survey Certificate (if required)
Cost of Mortgage, including:
– Mortgage company’s Lawyer/notary
– Appraisal (if applicable)
– Land Title Registration fees
Fire Insurance Premium
Sales Tax (if applicable)
Property Transfer Tax
GST on new homes, new lots or vacation rental homes.
Cheers,
Scott & June Simmons
The Salt Spring Team
