Gifted down payment in British Columbia.

Underwriters need to confirm the funds are a true gift (not a loan), came from an immediate family member, and have a clean source-of-funds trail.

British Columbia adds its own layer. Lower Mainland and Victoria carry premium pricing and tighter lender appetite on leasehold and strata files. Wildfire/flood disclosures now affect insurance binders in the Interior. That matters here because underwriters are already scrutinizing the income side of a gifted down payment file — a property or program complication local to British Columbia can push a marginal file over the edge.

Property Transfer Tax: 1% on first $200K, 2% to $2M, 3% above, 5% above $3M on residential.

Programs to check eligibility for in British Columbia:

• First-Time Home Buyers' Program (PTT exemption up to $500K)
• Newly Built Home Exemption
• FHSA

• Signed gift letter on the lender's template
• 90 days of statements from the gifting account
• Proof of transfer from the gifter to the borrower
• Source-of-funds documentation for the gifter if the deposit is recent or large
• Gifter's government-issued ID (FINTRAC requirement at most lenders)

British Columbia nuance: Self-employed BC borrowers should expect to provide T1 Generals plus business bank statements going back 12 months.

• Strata depreciation reports and contingency reserves are underwriter-grade documents in BC.
• Speculation and Vacancy Tax applies to certain owners — disclose residency status upfront.
• Foreign Buyer ban interacts with BC's additional property transfer tax.

Underwriter view of this scenario: The signed gift letter alone is not enough. Underwriters trace the funds back through the gifter's account and may ask for explanations on large recent deposits.

• Transfer the gift at least 30 days before closing
• Keep the funds in a single account once received
• Have the gifter retain statements showing the source of the gift on their side

• Gift coming from a non-immediate-family member (friend, employer, distant relative) — most A-lenders refuse.
• Gift documented as a 'loan' anywhere — in texts, emails, or the gifter's notes.
• Source of the gifter's funds that cannot itself be explained.