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Property Transfer Tax Excemption Increases

Starfish The Gray Team Ucluelet Real Estate

The threshold for the Property Transfer Tax exception increased for new home buyers in BC's 2014 budget. 

MSP premiums, tobacco tax to rise, while first-time homebuyers get some help

B.C. Finance Minister Mike de Jong tabled what he described as a "boring, balanced budget" Tuesday, with few surprises or goodies for British Columbian taxpayers.

Highlights of the three-year fiscal plan included:

  • A focus on balance, with budget surpluses of $184 million, $206 million and $451 million over the next three tax years
  • Large contingency funds, prudent growth estimates and modest surpluses, leading to a potential cushion of almost $2.9 billion by 2016/2017
  • An increase in total debt to $68.9 billion over three years but a drop in debt-to-GDP ratio to 17.8 per cent by 16/17.
  • A potential two-tier taxation regime for liquefaction of natural gas in B.C. will see operators taxed 1.5 % for the first three years, eventually rising to up to seven per cent.
  • Tax on tobacco will rise to $3.20 per carton from April 1, 2014, on top of a recent federal increase of $4 per carton, adding a total of $7.20 per carton.
  • MSP premiums will increase by four per cent, taking the cost for the average family up to $144 per month. Healthcare spending will increase $2.5 billion over three years.
  • Threshold for the Property Transfer Tax exemption increased for first-time buyers to $475,000, while the threshold for the phase-out of the Home Owner Grant is lowered to $1.1 million.
  • Early Childhood Tax Benefit, mentioned last year, gives up to $55/month to families with children under the age of six from April 2015.
  • The promised  Training and Education Savings Grant, a $1200 RESP- contribution to any child born on or after Jan. 1, 2007 begins April 2014.

Read more at - http://www.cbc.ca/news/canada/british-columbia/b-c-budget-2014-highlights-1.2540649?utm_source=hootsuite&utm_campaign=hootsuite

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