LTSA Releases New PTT Form

New Property Transfer Tax (PTT) Form V.28 is effective today.

Key changes include qualifying property value for existing homes only under the First Time Home Buyers' (FTH) Program:

  • Maximum qualifying amount of the fair market value of the property (land plus improvements) is now $500,000;

  • Partial exemption is available for properties valued up to $525,000.

For additional details click here

We are working on this as fast as we can – and will post updates here as soon as the new PTT Form v. 28 has been added to RealtiWeb. Note that for properties valued between $475,000 and $525,000, the FTH exemption may not auto-calculate correctly until the new PTT Form v. 28 has been added to RealtiWeb; The exempt amounts will have to be manually calculated and added to the Financial tab.

IMPORTANT: BOTH VERSION 27 AND VERSION 28 OF THE PROPERTY TRANSFER TAX FORM WILL BE ACCEPTED FOR FILING AT THE LTSA UNTIL FURTHER NOTICE.

Real Estate, RealtiWebMarketing AdminRealtiWeb, BC, PTT, Tax, LTSAComment