Purchasing a property in Vancouver as a business owner

If you’re a foreigner who wants to buy property in British Columbia, you’re in luck because BC is one of the most beautiful and vibrant places in Canada to live. However, it’s important to be aware of the taxes and fees that come with purchasing property in this province.
One of the biggest taxes you’ll encounter when purchasing property in British Columbia is the Property Transfer Tax (PTT). The PTT is a tax that is applied to all property transactions in BC, including the purchase of land, homes, and other real estate. The amount of PTT you’ll need to pay is based on the value of the property you’re purchasing. For properties valued at $2 million or less, the PTT is 1% of the property’s total value. For properties valued between $2 million and $3 million, the PTT is 2% of the property’s total value. And for properties valued over $3 million, the PTT is 3% of the property’s total value.
It’s also worth noting that there are some exemptions and rebates available for certain types of property buyers. For example, first-time homebuyers in BC can be eligible for a full or partial exemption of the PTT if the property they’re purchasing is valued at less than $500,000. Additionally, if you’re a foreign national who is purchasing property in BC for the purpose of operating a business, you may be eligible for a PTT exemption.
In terms of reimbursement after acquiring permanent residency, it’s important to note that there are no guarantees of getting a refund for taxes paid prior to obtaining permanent residency. However, there are some situations where a refund may be possible. For example, if you purchase property as a foreign national and later become a permanent resident within a certain timeframe, you may be eligible for a refund of the PTT that you paid at the time of purchase.
It’s important to consult with a real estate lawyer or a tax specialist to fully understand the taxes and fees associated with purchasing property in British Columbia as a foreigner. They can also advise you on any exemptions or rebates that may apply to your specific situation.

We at Soliyor Consulting Ltd. can start the process for you and put you in contact with real estate agents and lawyers specialised in property and tax issues.