Top 10 Government Grants and Rebates for BC Home Buyers and Sellers – Vancouver Real Estate
Whether you are planning on buying a home or already own a home, here are 10 grants & rebates that will help you save money!
1. Home Buyerâ€™s Plan
Qualifying homebuyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPâ€™s for a down payment. Homebuyers who have repaid their RRSP may be eligible to use the program a second time. (Go to http://www.cra.gc.ca enter “Home Buyers Planâ€ in the search box or phone 1-800-959-8287).
2. GST Rebate on New Homes
New homebuyers can apply for a rebate of the federal portion of the HST (the 5% GST) 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. (Go to http://www.cra-arc.gc.ca enter “RC4028â€³ in the search box or call 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 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 http://hst.blog.gov.bc.ca/faqs/new-housing-rebate or call 1-800-959-8287).
4. Property Transfer Tax (PTT) First Time Home Buyersâ€™ 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 http://www.rev.gov.bc.ca/rpt or call 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 a cooperative housing corporation. Itâ€™s calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009 the maximum credit was $750. (Go to http://www.cra-arc.gc.ca/hbtc or call 1-800-959-8281).
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 a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,050,000 and eliminated on homes assessed at $1,219,000+. (Go to http://www.rev.gov.bc.ca/hog or your municipal tax office).
7. 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 http://www.livesmartbc.ca/homes/h_rebates.html or call 1-866-430-8765).
8. BC Hydro Appliance Rebates
Mail in rebates of $25-50 for purchases of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers between June 1, 2010 and March 31, 2011 or when funding is exhausted. (Go to http://www.bchydro.com/rebates_savings/appliance_rebates.html or call 1-800-224-9376).
9. BC Hydro Fridge Buy-Back Program (different from Applicance rebates)
This ongoing program rebates BC Hydro customers $30 to turn in spare fridges measuring 10-24 cubic feet in working condition. (Go to http://www.bchydro.com/rebates_savings/fridge_buy_back.html or call 604-881-4357).
10. BC Hydro Mail-in Rebates/Savings Coupons
BC Hydro offers rebates including 10% off an ENERGY STAR 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 http://www.bchydro.com/rebates_savings/coupons.html or call 1-800-224-9376).
Bonus â€“ couldnâ€™t help but provide you with another one!
11. Terasen Gas Rebate program
Rebates for homeowners include $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 http://www.terasengas.com/homes/offers/lowermainlandsquamish.html or call 1-888-224-2710).
If you have any real estate questions or if you are thinking of buying or selling your home, please contactÂ James Louie Chung, Metro Vancouver REALTORÂ® â€“ Real Estate AgentÂ atÂ [email protected]Â or call / text ( 6 0 4 ) 7 1 9 â€“ 6 3 2 8 today!