1. Home Buyers’ Plan
Qualifying home buyers can withdraw up to $35,000 (couples up to $70,000) from their RRSPs for a down payment. Must repay within 15 years. Eligibility to use the program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency.
2. First Home Savings Account
Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a downpayment. Contributions are tax deductible; Capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan.
3. CMHC First-time Home Buyers’ Incentive
Qualifying first-time home buyers with annual household incomes <$120,000 and a five per cent down payment, a 10 per cent shared equity mortgage for a newly constructed home OR a 5% shared equity mortgage for an existing home. Buyer repays the incentive later or at re-sale. Incentive reduces the amount of monthly mortgage payments.
4. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program
Qualifying first-time buyers may be exempt from paying the PTT (one per cent on the first $200,000 and two per cent on the remainder of the purchase price) of a resale home priced up to $500,000. Proportional exemption for homes priced $500,000 - $525,000. At $525,000+ no exemption. Foreign entities, taxable trustee ineligible.
Learn more. 1-888-355-2700.
5. BC PTT Newly Built Home Exemption
Qualifying 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 and a partial exemption on newly built homes priced $750,000 to $800,000.
Learn more. 1-888-355-2700.
6. First-Time Home Buyers’ Tax Credit
Eligible persons who bought a qualifying home can claim the homebuyers’ amount of $10,000 on Line 31270 of Schedule 1 when filing their 2022 income tax and benefit returns.
Learn more and here. 1-800-959-8281.
7. GST/HST New Housing Rebate
New home buyers can apply for a rebate for the five per cent GST if the purchase price is $350,000 or less. The rebate is equal to 36 per cent of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 & $450,000. There is no rebate for homes priced at $450,000+.
Learn more. 1-800-959-8287.
8. CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, up to a 25 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations.
Learn more. 604-731-5733.
9. BC Home Owner Grant
Reduces property taxes for home owners with an assessed or partitioned value up to $2.125 million. Grant reduced by $5 for each $1,000 above the threshold. The home owner grant threshold applies across the province. The amounts are:
- $570 for the basic grant;
- $770 if the home is located in a northern or rural area;
- Up to $845 for home owners age 65 and more or a home owner with a disability; and
- Up to $1,045 for home owners age 65 and more or a home owner with a disability where the home is in a northern or rural area.
Learn more. hogadmin@gov.bc.ca. 1-888-355-2700.
10. BC Property Tax Deferment Programs
- Property Tax Deferment Program for Seniors: qualifying homeowners aged 55+ can defer property taxes. Financial Hardship Property Tax Deferment Program: qualifying low-income homeowners can defer property taxes.
- Property Tax Deferment Program for Families with Children: qualifying homeowners who financially support children under age 18 can defer property taxes.
Learn more. Vancouver: 1-888-355-2700 or 250-387-0555.
11. Multigenerational Home Renovation Tax Credit
Families adding a secondary unit to their home for an immediate or extended family member to live with them can claim a 15 per cent tax credit for up to $50,000 in renovation and construction costs.
12. Home Accessibility Tax Credit
Doubles the qualifying expense limit of qualifying home renovations up to $20,000 for 2022 and subsequent years. This tax credit is up to $3,000 for accessibility renovations or alterations.
Learn more and here.
13. Home buyers’ tax credit for persons with disabilities
Persons with disabilities, or persons with a spouse or common-law partner with disabilities, may be eligible for a disability tax credit, even if they’re not a first-time homebuyer.
14. Tax deductions for moving for work
Persons who got a new job and moved a minimum of 40 kilometers closer to work, may be able to deduct all moving costs, including the costs of selling real estate, ending a lease or mortgage, flights, movers, and temporary housing.
15. BC Rebate for Accessible Home Adaptations (BC RAHA)
This program provides up to $17,500 in rebates for adaptations to a home. Must be a resident of BC with limited income and assets. Eligible households include homeowners and joint applications from tenants and landlords – someone in the household must have a permanent disability or loss of ability.
Learn More. 604-433-2218 or 1-800-257-7756.
16. Home Renovation Tax Credit for seniors and persons with disabilities
Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. Maximum refundable credit: $1,000 per tax year, calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online.
Learn more. 1-800-959-8281.
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