Understanding the Family Transfer Exemption in British Columbia

If you’re transferring property within your family in British Columbia, you might qualify for the Family Transfer Exemption under the Property Transfer Tax (PTT) rules. This exemption helps reduce costs for property transfers between specific family members, making it easier to manage familial property ownership.

Am I Eligible For The Family Transfer Exemption ?

The Family Transfer Exemption applies to several scenarios:

  • Eligible Transfers:
    1. your child, grandchild, great-grandchild and their spouse
    2. your parent, grandparent, or great-grandparent
    3. your spouse and their child, parent, grandparent or great-grandparent 
    4. Child includes a step-child.
  • Property Qualifications:
    1. The property must be either a principal residence or a family farm.
    2. For principal residences, the exemption generally covers the home and up to 0.5 hectares (1.24 acres) of land.
    3. If the property exceeds 0.5 hectares or includes non-residential improvements, a partial exemption may apply, reducing the payable PTT.

For detailed guidelines, refer to the BC Government’s page on Property Transfer Tax Exemptions

KC Notary & Co. Is Ready To Assist You

Navigating the Family Transfer Exemption can be complex, with detailed requirements for eligibility and documentation. As an experienced notary, I can guide you through the process, ensure your paperwork is complete, and help you save on taxes.

Have questions about transferring property within your family? Contact KC Notary & Co. today to schedule a consultation and take the stress out of managing your property transfer!

By Published On: December 6, 2024