1. HOME BUYER'S PLAN
Do you know that you can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSP'S for a downpayment. Home buyers who have repaid their RRSP's can be allowed to use it for the 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 for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6300. There is a proportional new home rebate costings between $350,000 and $450,000 There is no rebate for $450,000 and above.
Canada Revenue Agency www.cra.gc.ca Enter 'RC4028' in the search box. 1 800 959 8287
3. 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 with priced up to $475,000. There i a proportional exemption for homes between $475,000 and $500,000. There is no exemption above $500,000.
BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca/business/property...Taxes/Proerty...Transfer...Tax/ptt.htm 250 387 0604
4. 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 your lowest personal income tax rate for the year (15% in 2012) x $5000. For 2013 tax year, the maximum credit is $750.
Canada Revenue Agency www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/compltng/ddctns/Ins360-390/369/menu-eng.html 1800 959 8281
5. BC HOME OWNER GRANT
Reduces property taxes for home owners with an assessed value of up to $1,100,000. The basic grant give homeowners:
I. A Maximum reduction of $570 in property taxes on prinicipal residences in the Capital, Greater Vancouver and Fraser Valley Districts
II. An additional grant of $200 to rural home owners elsewhere in the province
III. An additional grant to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.
BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/hog or contact your municipal tax office
6. BC PROPERTY TAX DEFERMENT PROGRAMS
- Property Tax Deferment for Seniors Program - Qualifying Home Owners aged 55+ maybe eligible to defer property taxes.
- Financial Hardship Property Tax Deferment Program - Low income home owners maybe eligible to defer property taxes
- Property Tax Deferment Program for Families with Children - low income home owners who financially support children under age 18 maybe eligible to defer property taxes.
7. HOME ADAPTATIONS FOR INDEPENDENCE (HAFI)
A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low-income seniors and disabled homeowners and landlords to modify their homes to make it more accessible and safer.
BC Housing www.bchousing.org/Options/Home...Renovations 604 646 7055 or toll free 1 800 407 7757 ext 7055
8. CMHC MORTGAGE LOAN INSURANCE PREMIUM REFUND
Provides Home buyers with CMHC Mortgage premium insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient homes or make energy saving renos.
9. BC HYDRO APPLIANCE REBATES & FRIDGE BUY-BACK PROGRAM
Mail in rebates for purchasers of ENERGY STAR clothes washers, refrigerators or freezers. There is also an on-going rebates program to consumers to turn in spare fridges in workig condition for $30.
www.bchydro.com/powersmart/residential/rebates...savings/appliance_rebates.html 1 800 224 9376 (ENERGY STAR appl)
www.bchydro.com/powersmart/residential/rebates...savingss/fridge_buy_back.html 604 881 4357
10. FORTISBC REBATE PROGRAM FOR HOMES
A range of rebates for home owners including a $300 rebate for purchasing an EnerChoice fireplace, or up to $1000 off on ENERGY STAR water heater, or a $1000 rebate for switching natural gas (from oil or propane) and installing an ENERGY STAR heating system.
www.fortisbc.com/NaturalGas/Homes?offers/Pages/default.aspx 1 800 663 8400