RSS

March 31st Deadline ~ $10,000 BC 1st Time New Home Buyers' Bonus

B.C. First-Time New Home Buyers' Bonus

 
The B.C. First-Time New Home Buyers’ Bonus is a one-time payment worth up to $10,000.  B.C. residents who are first-time home buyers and who purchase an eligible new home on or after February 21, 2012 and before April 1, 2013 may be eligible for this bonus. 

A first-time home buyer is an individual who has never previously owned a primary residence anywhere in the world. A primary residence is generally a house that you own, jointly or otherwise, and that you intend to live in on a permanent basis. You may have more than one place of residence, but you are considered to have only one primary residence.

Qualifications

  • You purchase or build an eligible new home in B.C.
  • You and your spouse or common-law law partner are first-time home buyers
  • In the case of multiple buyers of a home, each buyer is a 
    first-time home buyer
  • You file a 2011 B.C. resident personal income tax return or, if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal tax return (you are not eligible for the bonus if you move to B.C. after December 31, 2012)
  • You are eligible for the BC HST New Housing Rebate
  • You intend to live in the home as your primary residence
  • No one else has claimed a bonus for the home

Eligible New Homes Include

  • new homes (i.e. newly constructed & substantially renovated homes) that are purchased from a builder
  • owner-built homes

A substantially renovated home is one where all, or substantially all, of the interior of the building has been removed or replaced. Generally, 90% or more of the interior must be renovated to qualify.

Eligible homes include detached houses, semi-detached houses, duplexes and townhouses, residential condominium units, mobile homes and floating homes, and residential units in a cooperative housing corporation.

Bonus Calculation

The bonus is equal to 5% of the purchase price of the home or, in the case of owner-built homes, 5% of the land and construction costs subject to HST.  The maximum bonus is $10,000.

The bonus is reduced based on an individual’s/couple’s net income (line 236 of your income tax return) using the following formula.

  • For single individuals, the bonus is reduced by 20¢ for every dollar in net income over $150,000.  The bonus is reduced to zero at $200,000 income.
  • For couples, the bonus is reduced by 10¢ for every dollar in family net income over $150,000.  The bonus is reduced to zero at $250,000 family net income.

For more information, please visit the following link:

http://www2.gov.bc.ca/gov/topic.page?id=0778BC0286DC4B1DAFEF090568064BB0

Categories
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.