Home Owner Rebates & Grants

1) Home Buyers’ Plan: Registered Retirement Savings for down payment

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

Canada Revenue Agency - Home Buyer's Plan
1.800.959.8287.


2) GST Rebate on New Housing

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST of the 12% HST) if 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. 

1.800.959.8287


3) British Columbia HST Rebate on New Housing 

Buyers of new or substantially renovated homes priced up to $850,000 are eligible for a provincial enhanced New Housing Rebate of 71.43% of the provincial portions (the 7% PST of the 12% HST) paid to a maximum rebate of $42,500. Home priced at $850,000+ are eligible for a flat rebate of $42,500.
1.800.959.8287


4A) British Columbia First Time New Home Buyer Bonus

The B.C. First-Time New Home Buyers' Bonus is a new temporary measure designed to provide tax relief during the transition period back to the PST for families and individuals who are purchasing their first home and will assist the residential construction industry by encouraging purchases of newly constructed homes.

The bonus will be available in respect of purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale was entered into, on or after February 21, 2012 and before April 1, 2013.

HSTinBC - First Time New Home Buyer Bonus
1-877-388-4440


4B) BC New Housing Rebate (HST) for Secondary Vacation or Recreational Homes

Buyers of new or substantially renovated secondary or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 are eligible for a provincial enhanced New Housing Rebate of 71.43% of the provincial portions (7%) of the 12% HST paid to a maximum rebate of $42,500. Home priced at $850,000+ are eligible for a flat rebate of $42,500.

New Home Tax Calculator


5) BC New Rental Housing Rebate

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $42,500.

www.hstinbc.ca
1.800.959.8287


6) BC First-Time New Home Buyers' Bonus

First-time new home buyers may be eligible a one-time grant equal to 5% of the purchase price of the home, or if you are building a home, 5% of the land and constriction costs, up to $10,000. The bonus is based on the net income of the home buyer. This program ends March 31, 2013.

1.877.387.3332


7) BC 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. 

1.250.387.0604


8) First Time Home Buyers' Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2011) x $5,000. For the 2011 tax year, the maximum credit is $750.

1.800.959.8281


9) BC Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,285,000. The basic grant gives home owners- a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
- an additional grant of $770 to rural homeowners elsewhere in the province; and
- an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

Home Owner Grant


10) BC Property Tax Deferment Programs:

Property Tax Deferment 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 for Families with Children: Qualifying low income home owners who financially support children under 18 may be eligible to defer property taxes.
BC Ministry of Small Business and Revenue: 


11) Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants

This federal program provides financial aid to qualifying low-income home owners 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 owners creating secondary and garden suites.

1.800.668.2642 | 604.873.7408


12) Home Adaptations for Independence (HAFI)

A new program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords to finance modifications to their homes to make then accessible and safer.

Home Adaptations for Independance
604.646.7055 or toll-free 1.800.407.7757 extension 7055


13) CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.

http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_005.cfm
604.731.5733


14) Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify
for a rebate of $300 to their RBC account.

Energy Saver Mortgage
1.800.769.2511 


15) Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient
upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com/products/personalloans/energy-saver-loan.html


16) LiveSmart BC:Efficiency Incentive Program

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with FortisBC,
BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows,
doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.

Efficiency Incentive Program
1.866.430.8765

17) FortisBC Rebate Program

A range of rebates for home owners include a $50 rebate for upgrading a hot water tank,
$300 rebate on an Ener-Choice fireplace and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system.

1.888.224.2710

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Kevin Ershad Group RE/MAX Crest Realty Westside 
1355 Homer Street Vancouver BC V6B 5M9 

Phone: 604-602-4545 Fax: 604-602-4541 Email: