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Top 10 Grants And Rebates For Property Buyers And Owners

Top 10grants and rebates for property buyers and owners:

1) Home Buyers’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 a 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 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.
Canada Revenue Agency www.cra-arc.gc.ca. Enter ‘RC4028’ in the search box.

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.  www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate

1.800.959.8287

4) 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.
www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate

1.800.959.8287

5) 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.
BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/rpt

250.387.0604

6) 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 2010) x $5,000. For the 2010 tax year, the maximum credit is $750.

Canada Revenue Agency www.cra.gc.ca/hbtc

1.800.959.8281

7) 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. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+.  BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/ hog or contact your municipal tax office.

8) 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 roperty taxes.  BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

9) 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. 

www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm

1.800.668.2642 | 604.873.7408

10) 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. 

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

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