BC Home Improvment Incentive Program
The City of Vancouver is encouraging all BC residents to take advantage of significant rebates offered by the Provencial, LiveSmart BC, and Federal ecoENERGY programs to make energy upgrades to detached and semi-detached houses.
All it takes is 3 easy steps to take advantage of the Rebates that could ad up to a maximum of $12.345.00.
Live Smart BC <----- Click here to see the 3 step process to get the rebates.
Goods and Services Tax (GST) Rebate:
- 0% on resale (not new) homes unless there have been substantial renovations to an old property making it virtually new.
- GST is 5% on new homes, the maximum payout is the lesser of 36% of the GST paid or $6,300 on homes under $350,000 reduced proportionately until the home price reaches $450,000 after which the rebate stops.
- Only available for principal residences.
For more information on the GST Rebate please visit:
Property Transfer Tax and exemptions
The Property Transfer Tax is:
- 1% on the first $200,000 and 2% on the remaining balance.
- This money must be paid by the purchaser. It can not be added to your mortgage total.
To recieve the exemption to the Property Purchase Tax; a Home Buyer must meet the following criteria:
- Purchaser must never have owned an interest in a principal residence anywhere in Canada at any time.
- Purchaser must never lived in BC for 12 consective months immediately before the date you register the property, or filed at least 2 income tax returns as a BC resident in the past 6 years.
- Purchaser must be a Canadian citizen or permanent resident.
- To obtain a full exemption, the purchase price must not exceed $475,000. There are partial exemptions between $475,000 & $500,000.
- The Property must be 0.5 hectares (1.24 Acres) or smaller.
For more information on Property Transfer Tax please visit:
Basic Home Owners Grant
The basic Home Owners Grant can reduce your property tax by $570 on properties assessed up to $1,050,000 & continues on a sliding scale up to $1,164,000, at which point the grant is eliminated. The tax's payable ensures that all homeowners (or eligible occupants, which includes occupants of eligible apartments, housing units, land cooperatives or multifamily dwelling leased parcel) contribute towards the funding of local services such as road maintenance and police protection.
For further information please contact the Government (small business & revenue department) toll-free direct at 1-888-355-2700.
Here is the criteria that must be met in order to be eligible for the grant:
- You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia.
- You are the registered owner or eligible occupant of the home and the home must be located within British Columbia.
- The home is your primary residence - where you live and conduct your daily activities. The grant does not apply to summer cottages, second homes or rental properties.
- Spouses who live together, including those who are married or who live together in a marriage-like relationship, including same-gender partners, can qualify for a grant on only one residence in the province in a calendar year.
- Spouses who live apart can each claim a grant on their principal residence if they have a written separation agreement or a court order recognizing the separation.
For more information on the home owners grant please visit:
Retirement Savings for (RRSP) down payments
Canada Revenue Agency has a Home Buyers Plan that lets qualifying home buyers use up to $20,000 of their Registered Retirement Savings Plan (RRSP) to buy a home. If you are a couple then you may use up to $40,000. Some of the requirements for this program are: The home must be your principal residence, the buyers must not have owned a home within the past five years, and the length of the loan must be no longer than 15 years. Home buyers who have already used this plan and have fully repaid their RRSP may be eligible to use this plan a second time.
People with disabilities; or relatives who are helping the disabled home buyer, trying to upgrade their home to a home with better accessibility for their disability may also qualify for this program.
For more information on this program and if you qualify, please contact your mortgage specialist.