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Buying a newly built home in BC and tax rebates and exemptions applicable

Buying a newly built home in BC and tax rebates and exemptions applicable

Old Jul 10th 2016, 5:09 am
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Default Buying a newly built home in BC and tax rebates and exemptions applicable

Hi Everyone,

So we are looking to buy a new built home in BC and just trying to work out what we need to pay and what can be claimed back. It would seem that as the property including GST will be under $350,000 that potentially we could claim back a GST rebate?

Also it would appear that as the home all be under $750,000 that we would we exempt from the property transfer tax?

Of course Im know expert on buying property in BC or a tax expert and have merely used the inter webs for this info. I would appreciate any feedback and of course will be consulting a lawyer and all the other folk thats involved in a house sale Just would be interested in any feedback

Thanks

Mike
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Old Jul 10th 2016, 4:19 pm
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Default Re: Buying a newly built home in BC and tax rebates and exemptions applicable

Usually, the builder/developer will claim the GST rebate and you pay the price of the house plus the net GST after the rebate. The developer will ask you to certify that you will use the property as your principal residence. It is easier this way as the developer is used to filling in the paperwork. It is worth checking with them or to ask your realtor if you are using one.

The new build PTT exemption is new but you do seem to qualify. This will save quite a few $.

There is a federal tax credit worth $750 for a first-time buyer but to qualify you must not have lived in a house you own for the current year or the four preceding years. i.e. if the purchase will complete this year, from January 1, 2012.
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Old Jul 19th 2016, 10:46 pm
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Default Re: Buying a newly built home in BC and tax rebates and exemptions applicable

Originally Posted by JonboyE
Usually, the builder/developer will claim the GST rebate and you pay the price of the house plus the net GST after the rebate. The developer will ask you to certify that you will use the property as your principal residence. It is easier this way as the developer is used to filling in the paperwork. It is worth checking with them or to ask your realtor if you are using one.

The new build PTT exemption is new but you do seem to qualify. This will save quite a few $.

There is a federal tax credit worth $750 for a first-time buyer but to qualify you must not have lived in a house you own for the current year or the four preceding years. i.e. if the purchase will complete this year, from January 1, 2012.
Thanks JonboyE
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