Are there any additional taxes when purchasing at Pinnacle Ridge Resorts?
Yes. We recommend you consult your tax advisor for more details. Briefly, there is the BC Property Transfer tax that is paid to the government when purchasing or ‘transferring’ real estate of 1% on the first $200,000 and 2% on the remaining. It is paid by the purchaser and records the ownership of real estate at the Lands and Survey Office. There is a 5% Goods and Services Tax (GST) to be paid by the purchaser on the purchase price. According to government regulations, if an ‘investment’ property is used by the owner a maximum of 10%, or 36 days of the year (as rule of thumb), the owner is not obliged to pay the GST on the purchase of the property. There is also the Provincial Sales Tax (PST) of 7% due on the furniture amount only.
