Cost Saving Programs

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1. BC Home Owner Down Payment Assistance Program      

Offers qualifying first-time buyers with a down payment loan of up to 5% of the purchase price to a maximum of $37,500 on a home priced up to $750,000. The loan is interest-free and payment-free for 5 years. Then buyers can repay their loan or make monthly payments at prevailing interest rates. Loans are due after 25 years For information:  HOME

2. Home Buyers’ Plan: RRSP for down payments

Canada Revenue Agency’s Home Buyers' Plan lets qualifying home buyers use up to $25,000 of their RRSPs to buy a home. Couples can use up to $50,000. The home must be the principal residence, the home buyers must not have owned a home within the past five years and the loan must be repaid within 15 years.For information:
Home Buyers' Plan

3. First-Time Home Buyers' Tax Credit

Eligible individuals who bought a qualifying home in 2016 can claim the home buyers' amount of $5,000 on line 369 of Schedule 1 when filing their 2016 income tax and benefit returns. For 2016, the maximum home buyers' tax credit is $750...Canada Revenue Agency
More information:

4. GST Rebate on new homes      

You may be entitled to claim a GST/HST new housing rebate for a house purchased from a builder if you:· purchased a new or substantially renovated house (building and land) from a builder· purchased a new or substantially renovated mobile home or a new floating home from a builder (this includes the manufacturer or vendor)...more
For Full information:
GST- New housing rebate 

5. BC Property Transfer Tax (PTT)

Home buyers in BC pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder, up to a maximum purchase price of $2,000,000 (3% beyond that).

First-time home buyers may be exempt from paying the PTT if the purchase price us under $500,000. There is a proportional exemption for homes priced between $500,000 and $525,000. At $525,000 and above the rebate is nil. Learn more
Qualified buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000, saving buyers up to $13,000; and a partial exemption on newly built homes priced $750,000 to $800,000. Learn more

BC Ministry of Finance
For information:
Property Transfer Tax

6. BC Home Owner Grant     

Reduces property taxes for home owners with an assessed value of up to $1,600,000. Is reduced $5 for each $1,000 and eliminated on homes assessed at $1,714,000 or $1,754,000 in northern/rural areas.  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
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled, and verterans of certain wars For information:
Home Owner Grant
Or contact your local municipal tax office. 

7. BC property tax deferment programs        

Seniors & Families with children
Qualifying home owners who financially support children under age 18 can defer property taxes.BC Ministry of Finance
For information:
Property tax deferment programs
and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

8. FortisBC rebate program for homes

Rebates for home owners include:
• $300 rebate for buying an EnerChoice fireplace
• up to $1,800 off an ENERGY STAR water heater
• $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system. Total value of available rebates: $5,300 per household.
For information:
Fortis BC

9. Energy Conservation and  Assistance Program   

BC Hydro and FortisBC offer free energy assessments and energy saving products to income-qualifying households for upgrades ranging from $300 to $5,000.     For information:
BC Hydro

10. Energy savings kits

BC Hydro and FortisBC offer income-qualifying customers a free energy saving kit containing products to help save energy and money. For information:
BC Hydro

11. Home energy rebate offer

BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, draftproofing, space and water heating systems and ventilation to reduce your energy bill. Includes a bonus offer for completing 3+ upgrades. Total value of available rebates: $5,300 per household. For information:
BC Hydro

*Government Programs are subject to change, please contact your agent to ensure the programs listed are still active. **This blog/web site is made available by Mike Vanderkruyk for educational purposes only as well as to give you general information and a general understanding of Real Estate transactions, not to provide specific advice. By using this blog site you understand that there is no client relationship between you and blog/website publisher. The blog/web site should not be used as a substitute for competent Realtor or Legal advice from a licensed professional.