AS OF FEBRUARY 2014, when you are a first time buyer, you can be exempt on the Property Purchase Tax that all home buyers have to pay in British Columbia.
2% on the first $100,000 and 1% on the balance.
You are totally exempt for your purchase of $475,000… but up to $500,000 you can be exempt based on a graduating tax scale.
Below is an explanation of the Purchase Tax and the tax table to answer any of your questions.
PLEASE NOTE: not every property nor every person is eligible for exemption… read thru this article to find out if you are eligible!!!