BC’s 2% Transition Tax on New Homes wrapping up March 31, 2015
March 31, 2015 is the last day the 2 per cent Transition Tax will be in effect. This temporary tax is applicable on the sale of a new home that was 10 per cent or more complete as of April 1, 2013. However, if ownership and possession take place on or after April 1, 2015, the 2 per cent tax will not apply, as it ceases to exist on April 1.
For information visit the BC government’s transitional rules for new housing page at http://bit.ly/1GpxEUd