What British Columbia requires
- When a taxable transaction is registered at the land title office, the transferee pays property transfer tax and files a return, whether or not the transaction is exemptProperty Transfer Tax Act s. 2 (1)
- The general property transfer tax is 1% of the fair market value up to 200,000 dollars, 2% of the value from 200,000 to 2,000,000 dollars, and 3% of the value above 2,000,000 dollarsProperty Transfer Tax Act s. 3 (1)
- When residential property is worth more than 3,000,000 dollars, a further 2% is due on the residential value above that amountProperty Transfer Tax Act s. 3.01 (4)
- An additional tax of 15% of the taxable amount applies when residential property in a specified area is transferred to a foreign entity or taxable trustee; it is not part of the general rateProperty Transfer Tax Act s. 2.02 (2) and (4)
- When registration is applied for electronically, the tax is paid by electronic means and the return is an electronic returnProperty Transfer Tax Act s. 2 (1.1)
- Drawing an instrument relating to real estate that is to be registered or filed in a registry, for a fee, is part of the practice of law in British Columbia, which lawyers and notaries practising lawfully may doLegal Profession Act s. 1 (1), "practice of law" (b) (v) and (j) ยท Legal Profession Act s. 15 (1)
Property transfer tax, worked out
The general tax is 1% of the fair market value up to 200,000 dollars, 2% of the part from 200,000 to 2,000,000 dollars, and 3% of the part above 2,000,000 dollars. When residential property is worth more than 3,000,000 dollars, a further 2% applies to the residential value above that amount.
On an 849,000 dollar home, for example, that is 2,000 dollars on the first 200,000 and 12,980 dollars on the next 649,000: 14,980 dollars before any exemption.
The return is filed even when no tax is due
The purchaser, as transferee, pays the tax and files a return when the transfer is registered at the land title office, and the return is filed even when the transaction is exempt. With electronic registration, the tax is paid electronically and the return is an electronic return.
A separate additional tax of 15% applies to residential property in a specified area transferred to a foreign entity or taxable trustee. It is not part of the general rate and the statement here does not include it.
Who prepares what
The statement of adjustments is the money summary both sides check. The transfer and mortgage documents registered at the land title office are prepared by a lawyer or notary: drawing those instruments for a fee is part of the practice of law in British Columbia.
Common mistakes
- Splitting the property taxes at the completion date when the contract adjusts at a different date.
- Counting the adjustment date as the vendor's day: the purchaser usually pays from that day.
- Leaving the strata fee for the month out because it was paid automatically.
- Assuming no return is needed because the purchase is exempt from the tax.
Sources
- Property Transfer Tax Act s. 2 (1), checked October 24, 2026
- Property Transfer Tax Act s. 3 (1), checked October 24, 2026
- Property Transfer Tax Act s. 3.01 (4), checked October 24, 2026
- Property Transfer Tax Act s. 2.02 (2) and (4), checked October 24, 2026
- Property Transfer Tax Act s. 2 (1.1), checked October 24, 2026
- Legal Profession Act s. 1 (1), "practice of law" (b) (v) and (j), checked October 24, 2026
- Legal Profession Act s. 15 (1), checked October 24, 2026
Last reviewed October 24, 2026. Next review due January 24, 2027. This page explains published rules to help you write your report. It is not legal advice; the official text linked above governs.