Government Programs
1. Home Buyers’ Plan (HBP)
Qualifying homebuyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Homebuyers who have repaid their RRSP may be eligible to use the program a second time. (Go to www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html for more information.)
2. BC New Housing Rebate (HST)
Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a 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. (Go to www.cra-arc.gc.ca/E/pub/gm/19-3-8/19-3-8-e.html for more information.)
3. BC New Rental Housing Rebate (HST)
Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit. (Go to www.cra-arc.gc.ca/E/pub/gp/rc4231/rc4231-e.html eligible for more information.)
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. (Go to www.rev.gov.bc.ca/rpt for more information)
5. BC Home Owner Grant
Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000+. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. (Go to www.rev.gov.bc.ca/hog for more information.)
6. BC Property Tax Deferment Programs
Property Tax Deferment Program for Seniors Qualifying home owners aged 55+ may be eligible to defer property taxes. Financial Hardship Property Tax Deferment Program Qualifying low-income home owners may be eligible to defer property taxes.
Property Tax Deferment program for Families with Children Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes. (Go to http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm for more information.)
7. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants
This federal program provides financial aid to qualifying low income homeowners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and for the creation of secondary and garden suites. (Go to www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm for more information.)
8. CMHC Mortgage Loan Insurance Premium Refund
Provides homebuyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy savings renovations. (Go to http://www.cmhc.ca/en/co/moloin/moloin_008.cfm for more information.)
9. LiveSmart BC: Efficiency Incentive Program
Homeowners improving the energy efficiency of their homes who hire a certified energy advisor may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC. (Go to www.livesmartbc.ca/rebates for more information.)
10. BC Residential Energy Credit
Homeowners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST. (Go to www.sbr.gov.bc.ca/documents_library/notices/hst_notice_010.pdf for more information.)
11. BC Hydro Appliance Rebates
Mail-in rebates or $25-$50 for purchasers of ENERGY STARTM clothes washers, refrigerators, dishwashers, or freezers between June 1, 2010 and March 31, 2011, or when funding is exhausted. (Go to www.bchydro.com/rebates_savings/appliance_rebates.html for more information.)
12. BC Hydro Fridge Buy-Back Program (different from Appliance rebates)
This ongoing program rebates BC Hydro customers $30 to turn in spare fridges measuring 10-24 cubic feet in working condition. (Go to www.bchydro.com/rebates_savings/fridge_buy_back.html for more information.)
13. BC Hydro Mail-in Rebates/Savings Coupons
BC Hydro offers rebates including 10% off an ENERGY STARTM cordless phone; 50% off an E2TM dual-flush toilet; $15 off a clothes drying rack; and 50% off Earth Massage showerheads. Check for deadlines. (Go to www.bchydro.com/rebates_savings/coupons.html for more information.)
14. Terasen Gas Rebate Program
Rebates for homeowners include a $25 gift cards for furnace servicing; $50 rebates for upgrading a water heater; $150 rebate on an EnerChoice fireplace; $1,000 rebate for switching to natural gas and installing an ENERGY STAR heating system. (Go to www.terasengas.com for more information.)
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News Update
Highlights of B.C.'s 2012/2013 Budget
HST to PST Information Bulletin - February 21, 2012
The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.
Kevin Falcon announces HST transition rules for new homes.
British Columbia will return to the PST on April 1, 2013.