Home buying cost savings programs

1. Home Buyers’ Plan: RRSP for down payments 
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.

 For more information visit:

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.

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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
 For full details:

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