What is PTT, GST, PST and what is charged on a home purchase?
PST or Provincial Sales Tax is not paid on the purchase of a home. GST or Goods and Services Tax is paid on the purchase of a new home. The current GST rate is 6%. Revenue Canada offers a GST rebate program. Details can be found on their website. PTT or Property Transfer Tax is a registration tax that applies to all property transfers and is paid to the Government of BC. The tax is 1% on the first $200,000 and 2% on the reminder. First-time home buyers may qualify for an exemption, depending on the purchase price of their home. Link to a detailed booklet: http://www.rev.gov.bc.ca/rpt/ptt/pttbulletins/PTT_004.
