Irina Lissovaia
Office:778-237-7647
Fax:604-677-5629
#238-11180 Coppersmith Place
Richmond, BC
V7A 5G8 CA

1. Home Buyers’ Plan

 

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a downpayment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.

 

Canada Revenue Agency www.cra.gc.ca

Enter ‘Home Buyers’ Plan’ in the search box. 1.800.959.8287

 

2.GST Rebate on New Homes

 

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) is the purchase price is less than $350,000. The rebate is up 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.

 

Canada Revenue Agency www.cra.gc.ca

Enter ‘RC4028’ in the search box.

1.800.959.8287

  

3.BC New Housing Rebate (HST)

 

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for rebate of 71.43% of the provincial portion (7% of the 12% HST) paid to a maximum rebate of $26,250. Homes priced at $525,000 + are eligible for a flat rebate of $26,250.

 

http://hst.blog.gov.bc.ca/faqs/new-housing-rebate

1.800.959.8287

 

4.Property Transfer Tax (PTT) First Time Home Buyers’ Program

 

Qualifying first-time 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 $425,000. There is a proportional exemption for homes priced up to $450,000.

up to $425,000. There is a proportional exemption for homes priced up to $450,000.

BC Ministry of Small Business and Revenue

 

www.rev.gov.bc.ca/rpt

250.387.0604

 

5. First-time Home Buyers Tax Credit (HBTC)

 

This is a non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in co-operative housing corporation.

It is calculated by multiplying the lowest personal income tax rate for year (15% in 2009) by $5,000. For 2009, the maximum credit was $750.

Canada Revenue Agency

 

www.cra.gc.ca/hbtc

 

6.  BC Home Owner Grant

 

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,050,000. For 2010, the basic grant is reduced by $5 for each $1,000 of value over $1,050,000, and eliminated on homes assessed at $1,164,000+. An additional grant reduces property tax by a further $275 for total  of $845 for seniors, veterans and disabled.

This is reduced by 5$ for each $1,000 of assed value over $1,050,000 and eliminated on homes assessed at $1,219,000+

 

BC Ministry of Small Business and Revenue

www.rev.gov.bc.ca/rpt

250.387.0604