Do I owe BC PTT if I inherit a property from a parent?

Direct answer

Generally no — Section 14 of the Property Transfer Tax Act exempts a transfer of a deceased person's principal residence to a "related individual" (spouse, child, grandchild, parent, grandparent, sibling) when the transfer happens by way of testamentary disposition (a will) or intestacy (no will, transfer governed by the Wills, Estates and Succession Act). The exemption covers both the principal residence and a recreational residence valued at $275,000 or less. To claim it you complete the appropriate Special Property Transfer Tax Return at land-title registration, providing the death certificate, the will or grant of probate, and proof of relationship. Where the inherited property is NOT the deceased's principal residence (e.g., a rental property or vacation home above the recreational threshold), standard PTT brackets apply at the fair market value as of the date of death — 1% on the first $200K, 2% to $2M, 3% to $3M, 5% on residential value above $3M. The federal tax treatment is separate: a deemed disposition at FMV occurs at the date of death (federal capital gains may apply on the deceased's final return; the Principal Residence Exemption can shelter the principal-residence portion). Always coordinate with the estate's lawyer + the family's tax accountant before registering title.