Top 10 grants  and rebates for home buyers and owners

1 Home Buyer's Plan

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

Canada Revenue Agency www.cra.gc.ca  Enter ‘Home Buyers’ Plan’ 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 priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000.  At $500,000 and above the rebate is nil.

BC Ministry of Small Business and Revenue www.sbr.gov. bc.ca/business/Property_Taxes/Property_Transfer_Tax/ptt.htm

1.250.387.0604

 

 

5 BC Home Owner Grant

 

Reduces property taxes for home owners with an assessed value of up to $1,100,000. 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 $200 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.

BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/hog or contact your municipal tax office.

 

 

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 home owners and landlords to finance modifications to their homes to make them accessible and safer.

BC Housing www.bchousing.org/Options/Home_Renovations 604.646.7055 or toll-free 1.800.407.7757 extension 7055

 

 

9 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.

www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage. html

1.800.769.2511

 

 

 

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 $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. At $450,000 and above the rebate is nil.

Canada Revenue Agency www.cra.gc.ca  Enter ‘RC4028’ Plan’ in the search box.

1.800.959.8287

 

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 the lowest personal income tax rate for the year (15% in 2012) x $5,000. For the 2013 tax year, the maximum credit is $750.

Canada Revenue Agency  www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/369/menu-eng.html

1.800.959.8281

 

 

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.

BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm

 

 

8 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 home or make energy saving renovations.

www.cmhc.ca/en/co/moloin/moloin_008.cfm

604.731.5733

 

 

10 BC Hydro Fridge Buy Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.

www.bchydro.com/powersmart/residential/rebates_savings/fridge_ buy_back.html

604.881.4357

CONTACT ALAN

My real estate goal is simple... to help you reach yours.

Park Georgia Realty Ltd

109-5701 Granville Street, Vancouver, BC V6M 4J7

604-321SOLD (7653)

alan@321SOLD.net