Government Programs and Rebates for Home Buyers in BC

Home Buyer’s Plan (HBP)

The Home Buyers’ Plan (HBP) This program allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for either yourself or for a related person with a disability. Review the Home Buyers’ Plan for more information.

First-Time Home Buyer’s (Property Transfer Tax Reduction)

The first-time home buyers’ program provide relief on the Property Transfer Tax. It reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

First-Time Home Buyer’s Incentive: Shared Equity Program

The First-Time Home Buyer Incentive is available to assist first-time homebuyers. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit the First-Time Home Buyer Incentive for more detail

Home Buyer’s Amount

The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief. Go to the Home Buyers’ Amount webpage to see if you are eligible.

GST New Housing Rebate

You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house. GST/HST New Housing provides all of the details on this rebate.

Canada Greener Homes

The Canada Greener Homes grants are helping Canadian homeowners across the country improve the energy efficiency of their homes and reduce their energy bills. Eligible homeowners will be able to receive grants to make energy-efficient retrofits to their homes. Go to Natural Resources Canada to get more details.

Jeffrey Sefton
South Okanagan Home Team
okanaganrealestatesearch.com