While surfing the Real Estate Board of Greater Vancouver’s website earlier today, I noticed that they had a fantastic list of the varying rebate and grant programs designed to help homeowners and buyers save some money. Here is a rundown:
1. Homebuyer’s Plan: This program allows you to withdraw up to $25,000 from your RRSP account to use as a downpayment. And if you’re part of a couple, that gives you $50,000!
2. GST/HST Rebate: If you’re buying or building a new, or substantially renovated home, you may claim the federal (5% GST) portion of the HST.
3. BC New Housing Rebate: Kinda like the rebate above, but allows you to claim up to 71% of the BC portion (7%) of the HST, up to a maximum of $42,500. Of course, with the future elimination of the HST, there are a few transition rules, that apply. See link for details.
4. Secondary/Vacation/Recreation Home Rebate: Yay! Same as above but for your SECOND home! Nice!
5. BC New Rental Housing Rebate: Another opportunity to recovery the provincial portion (5%) if you’re purchasing a property to rent out- up to a maximum rebate of $26,250 per unit.
6. BC First-Time New Home Buyer’s Bonus: For 1st time home buyers, you can qualify to receive up to 5% of the purchase price (or land and construction costs) of your home- up to $10,000, that is.
7. BC Property Transfer Tax- for First-Time Home Buyers- Qualifying buyers may be exempt from paying the Property Transfer Tax (PTT)
8. First Time Home Buyers Tax Credit- Another federal program, this one allows qualified buyers to save up to $5000. Adds up…
9. BC Home Owner Grant – Each year when the Property Taxes come you’ll notice three boxes on the bottom of the tax bill. One is the regular tax, then there is the “basic grant”, and the other is “additional grant”. The basic grant essentially offers a discount to those who LIVE in the property in question, the additional tends to be oriented towards low-income seniors.
10. BC Property Tax Deferment Programs for Seniors, Financial Hardship and Families with Children. Okay, so there’s three categories here, but we’ve lumped them together. Low-income residents, seniors, and those with children under 18 may be eligible to defer their property taxes.
11. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Programs- Low-income home owners who can’t afford to repair substandard housing can apply for grants to help with electrical, structure, plumbing repairs, etc.
Stay tuned for Part Two of this riveting series….