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

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.