The foreign buyer tax is a 20% tax on the purchase price of a residential property located within specified areas of BC.
For example, in Vancouver, this additional tax is on top of the general land transfer tax. It's only applicable to individuals who are not citizens or not permanent residents of Canada or purchasing as a foreign corporation (foreign entity), or are stateless persons.
The GVRD includes Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township, Lion's Bay, Maple Ridge, New Westminster, North Vancouver City and District, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver, White Rock and Electoral Area A. While the GVRD website lists Abbotsford parks as part of the GVRD, residential properties aren't included. The additional property transfer tax doesn't apply to properties located on Tsawwassen First Nation lands.
Exemptions and Rebates
There are some exemptions and refunds available. For example, if you receive confirmation under the BC Provincial Nominee Program before the property transfer is registered and the property is used as your principal residence. You may claim this exemption only once. For subsequent purchases, you must pay the additional property transfer tax.
You may also get a refund if you were confirmed as a BC Provincial Nominee between August 2, 2016, and March 17, 2017, or if you become a Canadian citizen within one year of the date of the transfer and living in the property for at least one full year.
For complete information, please refer to this government bulletin: