When purchasing a home there are many costs to consider other than the purchase price. The following are the top grants and rebates available to property buyers to help with those costs.
First Time Home Buyers BonusSubject to approval by the legislature, the B.C. government has announced plans to implement a temporary BC First-Time New Home Buyers’ Bonus. Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal income tax credit worth up to $10,000.
priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.
Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.First-Time Home Buyers’ Tax Credit (HBTC)This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2011) x $5,000. For the 2011 tax year, the maximum credit is $750.More information is available here.
Reduces property taxes for home owners with an assessed value of up to $1,285,000. The basic grant gives home owners a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts; an additional grant of $770 to rural homeowners elsewhere in the province; and an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars. For more information visit the Government website here.
Property Tax Deferment Program for Families with Children. Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes. You can find more information here.
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Visit CMHC for further information.