This property transfer tax exemption is available for purchasers who are buying their first home located in the province of British Columbia. FULL EXEMPTION REQUIREMENTS To qualify for a full exemption, the following requirements must be met: 1.     You must not own a principal residence anywhere in the world; 2.     You must not have previously received a BC FTHB exemption or refund; 3.     You are a Canadian citizen or a permanent resident; 4.     You have continuously resided in BC for at least one year immediately prior to the registration date; or have filed income tax returns as a BC resident during the six years before the completion date; and 5.     The property is located in B.C, is primarily used as principal residence, has a fair market value of $500,000 or less and be 0.5 hectares (1.24acres) or smaller. PARTIAL EXEMPTION REQUIREMENTS To qualify for partial exemption, you must meet all the following requirements: 1.         You must not own a principal residence anywhere in the world 2.         You must not have previously received a BC FTHB exemption or refund 3.         You are a Canadian citizen or a permanent resident 4.         You have continuously resided in BC for at least one year immediately prior to the registration date; or have filed income tax returns as a BC resident during the six years before the completion date; and 5.         the subject property is: located in B.C, primarily used as a principal residence, more than $500,000 or less than or equal to $525,000 in fair market value, is larger than 0.5 hectares and has another building on the same property other than the principal residence.