Do I need to pay stamp duty?

[Chrisgeorge2365]

Do I need to pay stamp duty if the property is transferred or is a gift?

 

[Thomas Beyer]

Do I need to pay stamp duty if the property is transferred or is a gift?

Stamp duty is UK or Australian term.

In some Canadian provinces you will have to pay a property transfer tax, notably BC and ON, plus in Toronto on top of that.

In BC you pay 1% on the first $200,000 then 2% on the next $1.8M to $2M then 3% on the next million to $3M, then 5% of the portion over $3M if residential. On top of that you pay 20% if not a Canadian resident.

On top of that you pay 2% PER YEAR if not rented and you’re either a non-resident or a member of a satellite family in six regions of B.C.

On top of that you pay 1% PER YEAR if not your primary residence or not rented in Vancouver.

Thomas Beyer
Asset Manager, Investor, Author, Father, Mentor www.prestprop.com

==> Check out our latest RRSP or TFSA eligible two year investment with a 40%+ yield target at www.investoliver.ca

 

[Chrisgeorge2365]

Hey Thomas Beyer, Thank you so much for sharing useful information here. I really need this info. Again, Thanks for the response.