1. Home Buyers’ Plan: RRSP for down payments
• up to $1,000 rebate for upgrading to natural gas water heater
Canada Revenue Agency’s Home Buyers' Plan lets qualifying home buyers use up to $35,000 of their RRSPs to buy a home. Couples can use up to $70,000. 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.
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2. Tax Free Home Savings Account (FHSA)
Beginning in 2023 Canadian can contribute $8,000 annually to their FHSA with a lifetime cap of $40,000.
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3. First-Time Home Buyers' Tax Credit (HBTC)
Eligible individuals who bought a qualifying home can claim the home buyers' amount of $10,000 on their income tax and benefit returns. Currently, the maximum home buyers' tax credit is $1,500.
For more information visit:
HBTC
4. BC Property Transfer Tax (PTT) Exemptions
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. It is 3% from $2-$3million and there is an additional 2% for the amount over $3million
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.
New homes buyers 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.
5. BC Home Owner Grant
Reduces property taxes for home owners with an assessed value of up to $2,125,000. 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 in BC
• An additional grant of $275 to seniors aged 65+, those who are permanently disabled, and low-income veterans.
For more information and qualification guidelines:
Home Owner Grant
Or contact your local municipal tax office.
6. 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 under $450,000.
· purchased a new or substantially renovated mobile home or a new floating home from a builder (this includes the manufacturer or vendor)
Residential Rental Properties may be exempt if you are a landlord who purchased or built newly constructed or substantially renovated residential real estate and the fair market value is below $450,000. Learn more
For more information:
7. FortisBC rebate program
There are currently 27 Rebates for home owners including:
• up to $1,000 rebate for switching to a natural gas furnace
• up to $1,000 rebate for upgrading to natural gas water heater
• up to $3,700 (limited time offer) rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating and/or hot water system
· up $350 rebate for home EV charging station
· Up to $6500 loan and up to $2,000 rebate for a heat pump
For full information on all rebates:
8. BC Hydro Rebates
BC Hydro offers several rebates:
- Up to $2,000 rebate for windows and doors
- Up to $5,500 for insulation
- Up to $2,000 for heat pumps
- Up to $1,000 for heat pump water heater
9. BC property tax deferment programs
Qualifying families with children Program, Seniors 55+ and persons with disabilities can defer property taxes.
For information on qualification rules & guidelines:
Property tax deferment programs