No – First time home buyers are only eligible for an exemption from the tax if the first time buyer:
- has not owned an interest in a principle residence anywhere in the world
- is a Canadian citizen or permanent resident
- has continuously resided in BC for at least one year prior to purchasing or filed at least 2 income tax returns as a BC resident during the last six years
- has not previously received this exemption or refund
In addition, the property being must:
- be used only as the principle residence
- have a fair market value of no more than $475,000
- be 0.5 hectares (1.24 acres) or smaller
Buyers should discuss these exemptions with their real estate lawyer near me, as a false declaration can result in a penalty of double the tax payable.
Contact us today at 250-980-3360 or peter@mmslawfirm.ca