May, 2015 RSS Icon
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Land transfer tax has become a powerful source of income for the province of British Columbia. In 2013/14 property transfer tax is expected to generate approximately $740 million.

Critics of the tax argue that increasing real estate values have distorted the original purpose of the Property Transfer Tax Act. However, making adjustments to the land transfer tax system and maintaining critically important tax dollars, at the same time, has presented a long-standing conundrum for legislators.

The Chamber applauds the recent 2014 provincial budget initiative to raise the threshold of properties that qualify for the grant thus reducing the cost of Property Transfer Tax (PTT) for first time home buyers (FTHB) in British Columbia. This is an important

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