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15 (1) If a taxable transaction does not qualify for exemption in relation to a principal residence under section 14(3)(b), (c), (d), (e) or (p) or (4)(p. 2) only because there are improvements on the parcel that are not classified under section 19 of the Assessment Act as property used for residential purposes, the taxable transaction is exempt to the extent provided in subsection (2).

  • (2) A taxable transaction that is exempt under subsection (1)
  • (a) is exempt in respect of the fair market value, determined in the prescribed manner, of the interest in those improvements transferred that are improvements classified under section 19 of the Assessment Act as property used for residential purposes, and
  • (b) is exempt in respect of the fair market value, determined in the prescribed manner, of the land transferred not including improvements.
  • (3) If a taxable transaction does not qualify for exemption in relation to a principal residence under section 14(3)(b), (c), (d), (e) or (p) or (4)(p. 2)
  • (a) only because the parcel of land involved is larger than 0.5 ha in area, or
  • (b) because the parcel of land involved is larger than 0.5 ha in area and because there are improvements on the parcel that are not classified under section 19 of the Assessment Act as property used for residential purposes,
  • the taxable transaction is exempt to the extent provided in subsection (4).
  • (4) A taxable transaction that is exempt under subsection (3)
  • (a) is exempt in respect of the fair market value, determined in the prescribed manner, of the interest in those improvements transferred that are improvements classified under section 19 of the Assessment Act as property used for residential purposes, and
  • (b) is exempt in respect of that portion of the fair market value, determined in the prescribed manner, of the land transferred, not including improvements, that is equivalent to the ratio of 0.5 ha to the total area of the parcel.

1987-15-5.1; 1991-16-11; 2006-2-20, effective February 22, 2006; 2018-4-62.

REGULATIONS

Valuation of Residential Improvements

See Part 3 (ss. 16 and 17) of the Property Transfer Tax Regulation, B.C. Reg. 74/88, regarding valuations for the purposes of s. 15(2) and (4).