RC4028 GST/HST New Housing Rebate
New home buyers can apply for a rebate of the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000 and above.
BC Residents: First Time Home Buyers' Program
Find out if you qualify for a first time home buyer's grant!
1) Must be in BC
2) principal residence you are buying must be $475,000 or less to qualify
3) There is a sliding scale for purchases up to $499,000
There are many stipulations to qualify, please go to the website for more information or contact a legal professional for more details!
HST to GST: Transition Rules for Real Property
Updated info - January 7, 2015
Property Transfer Tax: Part of the purchase of your new Home
The amount of tax you pay is based on the fair market value of the land and improvements (e.g. buildings) on the date of registration unless you purchase a pre-sold strata unit. The tax is charged at a rate of:
1% on the first $200,000,
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
3% on the portion of the fair market value greater than $2,000,000.
For example, if the fair market value of a property is $450,000, the tax paid is $7,000.
If you are a foreign national or foreign corporation and the residential property is located in the Greater Vancouver Regional District, you also pay the 15% additional property transfer tax on the fair market value of your proportionate share.
First-time home 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 $475,000. There is a proportional exemption for between $475,000 and $500,000. At $500,000 and above the rebate is nil.
Qualified buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000, saving buyers up to $13,000; and a partial exepmption on newly built homes priced $750,000 to $800,000.
Check out the PROPERTY TRANSFER TAX CALCULATOR:
Home Buyersâ€™ Plan: Registered Retirement Savings for down payments
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability
BC property tax deferment programs
Qualifying low income home owners aged 55+ may be eligible to defer property taxes.
Qualifying home owners may be eligible to defer property taxes.
Families with children
Qualifying home owners who financially support children under age 18 may be eligible to defer property taxes.
BC Home Owner Grant
The home owner grant reduces the amount of property tax you pay for your principal residence.
The grant is available to homeowners that pay property taxes to a municipality or to the province if they live in a rural area. If you pay your property taxes to a First Nations, contact the First Nations directly.
You may qualify as a homeowner who is:
*Under 65 years of age
*A person with disabilities
*Living with a spouse or relative with disabilities
*A spouse or relative of a deceased owner
BC Seniors' Home Renovation Tax Credit
Helps eligible seniors 65+ with the cost of certain permanent home renovations to a principal residence to improve accessibility or help a senior be more mobile at home. The maximum amount of the refundable credit is $1,000 per tax year and is calculated as 10% of the qualifying renovation expense (maximum $10,000).
Local government water conservation incentives
our municipality may provide grants and incentives to residents to help save water.
Toilets: North Vancouver District and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Richmond offers a $100 utility rebate.
Clothes washers: replace your old clothes washer with a new, high efficiency ENERGY STAR clothes washer and receive a $100 or $200 rebate from Richmond.
Also check local municipality website for water meter info.
North Vancouver: http://www.dnv.org/programs-and-services/programs-and-rebates-conserving-water
District of West Van:
Canadian Real Estate Association