Grants & Rebates Part I

 

Over the next couple of blogs, we'll be providing a list of grants and rebates for property buyers and owners to make the purchasing process a little more affordable. Follow along to see how you can keep your wallet feeling a little fuller!

(1) Home Buyers' Plan
Qualifying home buyers can withdraw up to $25,000 (or $50,000 for couples) from their Registered Retirement Savings Plans (RRSP) for a down payment. It allows you to buy or build a qualifying home for yourself or a related person with a disability. Home buyers who have repaid their RRSP may be eligible to use the program a second time.

 Additional Information: CRA Home Buyers' Plan

(2) GST Rebate on New Homes
New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST paid to a maximum rebate of $6,300. For homes between $350,000 and $450,000, there is a proportional GST rebate available.

 Additional Information: CRA GST Rebate

(3) BC Property Transfer Tax (PTT) First Time Home Buyers' Program
For properties purchased in BC, the government has levied a tax payable called the Property Transfer Tax (PTT). The tax is 1% on the first $200,000 of the property value and 2% on the remaining balance. However, first-time home buyers may be qualified for $7,500 in tax savings on the purchase of a home up to $475,000 (Effective as of February 19,2014). 

 Additional Information: BC Property Transfer Tax Program

(4) 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. To calculate the tax credit, you will multiply the lowest personal income tax rate for the year (15% in 2012) x $5,000. The maximum credit is $750 in 2013.

 Additional Information: Home Buyers' Tax Credit

(5) BC Home Owner Grant
This grant reduces property taxes for home owners with an assessed value of up to $1.1M. You (or your spouse) can only claim the home owner grant for your principal residence each year. The grant is available to qualified residents that pay property taxes to a municipality or the province in a rural area

With this grant, home owners are able to receive:
- 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 $200 to rural homeowners elsewhere in the province; &
- An additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

 Additional Information: BC Home Owner Grant

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.