Avoiding Additional property transfer tax with COPR?
- Thread starter bebekeke
- Start date
Which province are they looking to buy? The transfer tax is paid at completion so they could put an offer but if they want to avoid paying the additional tax as a foreigner, then they should land first before they buy a house. There are also other taxes for foreign buyers/owners. (depending on city/district...etc)
This is the information for BC.
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/additional-property-transfer-tax
How are they going to send 1M $ (or less, doesn't matter) ? It takes time because of the huge amount and you should see the best exchange rates.
I guess you are correct. The safest option is to land in first. However I 've received different answer from different parties... It is frustrating that no one can really give an accurate answer. These people from governmen that answer the phone can only give general advice and won't take any blame if it is not true.
Do you have a realtor that works with you? He/She should be able to get the answer for you.
I would say a lawyer, I worked with realtors, and they're not that good when it comes to law
