Posted on: 28-03-07 20:58:25
Hi
I am about to buy a house in BC and there is a waiver for the property transfer tax in BC if you are resident for more than 1 year.
My question is that is there proof of residence required and is it really checked up on. What is the penalty for wrongful declartion.
Would be very helpful to know.
Thanks
Quote:
Originally posted by dindin_4
Hi
I am about to buy a house in BC and there is a waiver for the property transfer tax in BC if you are resident for more than 1 year.
My question is that is there proof of residence required and is it really checked up on. What is the penalty for wrongful declartion.
Would be very helpful to know.
Thanks
Follow this http://www.qp.gov.bc.ca/statreg/stat/P/96378_01.htm
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks for the reply.
Do I have to prove residence in BC, if yes what proof would be required.
As i came in 5 days before my closing date but don't have proof till beginning of the next month.
Quote:
Originally posted by dindin_4
Thanks for the reply.
Do I have to prove residence in BC, if yes what proof would be required.
As i came in 5 days before my closing date but don't have proof till beginning of the next month.
The link I provided gives you most of the information you are looking for.
I do not know much about BC but from the link I could follow that, If you are not in BC for over 1 year then you do not have to claim the exemption. And if you are not claiming then I believe you do not have to prove residence. Still, I would say please contact your realtor and lawyer and they will be in a position to answer all your questions correctly.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
