Did You Know There Are Grants and Rebates Available For Property Buyers?
Home Buyer’s Plan
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year.
Property Transfer Tax (PPT) First Time Home Buyers Program
Qualifying First-time buyers may be exempt from paying the PPT of 1% on the first $200,000 and 2% on the balance of the purchase price of a home priced up to $425,000.
First-Time Home Buyers Tax Credit (HBTC)
You can claim an amount of $5,000 for the purchase of a qualifying home, if you or your spouse or common-law partner acquired a qualifying home and you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).
BC Home Owner Grant
The purpose of the home owner grant is to help reduce the amount of residential property tax British Columbians pay. The home owner grant applies to taxes paid by British Columbians to their municipality or to the Surveyor of Taxes for rural areas. The basic rebate can reduce your property tax by as much as $570 on properties with an assessed value up to $1,285,000. The minimum tax payable ($350) ensures that all homeowners (or eligible occupants, which includes an eligible occupant of an eligible apartment, housing unit, land cooperative or multi-dwelling leased parcel) contribute towards the funding of local services such as road maintenance and police protection.
BC Property Tax Deferment Programs
Property Tax Deferment is a low-interest loan program that assists qualifying homeowners in British Columbia in paying the annual property taxes on their principal residences. There are two tax deferment programs which are:
- The Regular Program which is for property owners who are 55 years or older, a surviving spouse or a person with disabilities as defined by regulation.
- The Family with Children Program which is for property owners who are financially supporting, at the time of application, a dependent child who is under the age of 18.
Canada Mortgage and Housing (CMHC) Green Home
CMHC has added environmentally friendly features to the Mortgage Loan Insurance it offers. If you use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient, a 10% refund on the Mortgage Loan Insurance premium, and a premium refund for a longer amortization period (if applicable) may be available.
LIVESMART BC: Efficience Incentive Program
Home owners improving the energy efficiency of their homes who hire a certified energy advisor may qualify for cash incentives through their provincial program provided in partnership with BC Hydro and FortisBC.
BC Hydro Appliance Rebates
You could be eligible for a Power Smart Appliance Rebate of between $25 and $75 when you buy a select ENERGY STAR® labelled clothes washer, dishwasher or refrigerator or any ENERGY STAR freezer.
BC Hydro Fridge Buy-Back Program
To arrange for the free pick up of your spare working fridge, call 604 881 4357 or 1 866 516 4357 outside of the Lower Mainland 9 a.m. to 5 p.m., Monday through Friday. They’ll also give you $30!
A variety of rebates are offered by FortisBC including $1000 for switching to natural gas, $500 off water heaters and a $300 credit on EnerChoice® fireplaces.