FIRST TIME HOMEBUYER INCENTIVES
Below is a list of important links to useful resources | We suggest you check out
FIRST TIME HOMEBUYER INCENTIVE
The First Time Home Buyer Incentive helps qualified first-time home buyers decrease their monthly mortgage carrying costs without adding to their financial burdens. This is a new program with fairly limiting parameters.
To qualify for this, you need to have the minimum down payment. Your qualifying income must be no more than $120,000 and your total borrowing should be limited to 4 times the qualifying income. When you meet these criteria, you can apply for a 5% or 10% shared equity mortgage with the Government of Canada. A shared equity mortgage is where the government shares the upside and downside of the property value.
FIRST TIME HOMEBUYER TAX CREDIT
A $5,000 non-refundable amount is offered in this tax credit when you file your tax return the following year.
The credit offers you up to $750. To check whether if you are eligible, speak to your accountant when filing your tax return.
HOMEBUYER PLAN
The Home Buyers Plan is a program specially designed to help first-time homebuyers in purchasing their first home.
Under this plan, you can withdraw up to $25,000 (or up to $50,000 combined, if you are purchasing with a partner) in a single calendar year from your Registered Retirement Savings Plan (RRSP) towards the purchase of qualifying property for yourself or someone with a disability.
GST NEW HOUSING REBATE
You may get a tax rebate on a portion of the GST you paid on the purchase of a new home. You may also get a rebate of the costs of substantially renovating your property, building an extension to your existing home, or converting commercial property to a residential one.
This rebate can be claimed only if the market value of the property is under $450,000 upon completion.
PROPERTY TRANSFER TAX EXEMPTION
This program decreases any amount owing for property land transfer tax when buying your first property. You may get partial or full tax exemption under this program. For full exemption, the property must be fairly priced at $500,000 or less.
HOMEOWNER GRANT
Under the Home Owner Grant program, you may lower the amount of property taxes you are liable to pay on an annual basis. The amount of tax relief depends on where you live.
Those under 65 years of age residing in the Capital Regional District, Greater Vancouver Regional District, and the Fraser Valley Regional District may be eligible for a grant of $570. Homeowners residing in other parts of British Columbia may get a grant of $770.
