New home owners grant in BC
Jan 9th 2017, 10:09 pm
#1
Bex in the city
Thread Starter
Joined: Jun 2013
Location: Vancouver, BC
Posts: 3,899
New home owners grant in BC
Does anyone know much about this grant?
I understand it is only for property until $500k and in BC.
Also what's the deal if I'm eligible for it but my boyfriend has already had his new owners grant for his current apartment? Do both parties have to not have owned property before or is it ok for one person to get it?
I understand it is only for property until $500k and in BC.
Also what's the deal if I'm eligible for it but my boyfriend has already had his new owners grant for his current apartment? Do both parties have to not have owned property before or is it ok for one person to get it?
Jan 9th 2017, 10:15 pm
#2
Chips & Gravy
Joined: Dec 2012
Location: Coquitlam
Posts: 212
Re: New home owners grant in BC
I think you have to have been a PR for 5 years and lived in BC for a minimum of 1 year.
I haven't looked in to it properly, that's just from memory. I remember reading it and thinking my fiance is eligible (He's Canadian) and I'm not because although I've been here 5 years I've only been PR for 2.5 years.
I haven't looked in to it properly, that's just from memory. I remember reading it and thinking my fiance is eligible (He's Canadian) and I'm not because although I've been here 5 years I've only been PR for 2.5 years.
Jan 9th 2017, 10:20 pm
#3
BE Forum Addict
Joined: May 2012
Location: Qc, Canada
Posts: 3,787
Re: New home owners grant in BC
Do you mean this?
First Time Home Buyers' Program - Province of British Columbia
First Time Home Buyers' Program - Province of British Columbia
Jan 9th 2017, 10:24 pm
#4
Chips & Gravy
Joined: Dec 2012
Location: Coquitlam
Posts: 212
Re: New home owners grant in BC
Do you mean this?
First Time Home Buyers' Program - Province of British Columbia
First Time Home Buyers' Program - Province of British Columbia
B.C. offers interest-free loans up to $37,500 to 1st-time homebuyers - British Columbia - CBC News
It's an "interest free" loan, a second mortgage.
Jan 9th 2017, 10:26 pm
#5
Bex in the city
Thread Starter
Joined: Jun 2013
Location: Vancouver, BC
Posts: 3,899
Re: New home owners grant in BC
Do you mean this?
First Time Home Buyers' Program - Province of British Columbia
First Time Home Buyers' Program - Province of British Columbia
Jan 9th 2017, 10:26 pm
#6
Bex in the city
Thread Starter
Joined: Jun 2013
Location: Vancouver, BC
Posts: 3,899
Re: New home owners grant in BC
I think you have to have been a PR for 5 years and lived in BC for a minimum of 1 year.
I haven't looked in to it properly, that's just from memory. I remember reading it and thinking my fiance is eligible (He's Canadian) and I'm not because although I've been here 5 years I've only been PR for 2.5 years.
I haven't looked in to it properly, that's just from memory. I remember reading it and thinking my fiance is eligible (He's Canadian) and I'm not because although I've been here 5 years I've only been PR for 2.5 years.
Jan 9th 2017, 11:22 pm
#7
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: New home owners grant in BC
The home owner's grant is to do with property taxes. Owner/occupiers get a discount of $570 from their property taxes. Seniors and the disables get a larger grant. There is one grant per household.
The grant is for properties with an assessed value of up to c. $1.2m. My guess is this will be raised in the provincial budget as the 2017 assessments have pushed many property prices over this. I don't think the government want to go into an election with their core supporters facing a property tax hike.
The grant is for properties with an assessed value of up to c. $1.2m. My guess is this will be raised in the provincial budget as the 2017 assessments have pushed many property prices over this. I don't think the government want to go into an election with their core supporters facing a property tax hike.
Jan 9th 2017, 11:34 pm
#8
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: New home owners grant in BC
There is relief from property transfer tax in BC for first-time buyers. To qualify you must:
* be a Canadian citizen or permanent resident
* have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
* have never owned an interest in a principal residence anywhere in the world at any time
* have never received a first time home buyers' exemption or refund
If you buy with someone who does not qualify but you do then you will get relief from 50 of the PTT.
There is also a federal program that gives a credit up to $750 for people who have not owned their own home for at least five years.
I don't think there is a first-time buyers tax credit in BC any more.
* be a Canadian citizen or permanent resident
* have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
* have never owned an interest in a principal residence anywhere in the world at any time
* have never received a first time home buyers' exemption or refund
If you buy with someone who does not qualify but you do then you will get relief from 50 of the PTT.
There is also a federal program that gives a credit up to $750 for people who have not owned their own home for at least five years.
I don't think there is a first-time buyers tax credit in BC any more.
Last edited by JonboyE; Jan 9th 2017 at 11:37 pm.
Jan 9th 2017, 11:42 pm
#9
Bex in the city
Thread Starter
Joined: Jun 2013
Location: Vancouver, BC
Posts: 3,899
Re: New home owners grant in BC
There is relief from property transfer tax in BC for first-time buyers. To qualify you must:
* be a Canadian citizen or permanent resident
* have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
* have never owned an interest in a principal residence anywhere in the world at any time
* have never received a first time home buyers' exemption or refund
If you buy with someone who does not qualify but you do then you will get relief from 50 of the PTT.
There is also a federal program that gives a credit up to $750 for people who have not owned their own home for at least five years.
I don't think there is a first-time buyers tax credit in BC any more.
* be a Canadian citizen or permanent resident
* have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
* have never owned an interest in a principal residence anywhere in the world at any time
* have never received a first time home buyers' exemption or refund
If you buy with someone who does not qualify but you do then you will get relief from 50 of the PTT.
There is also a federal program that gives a credit up to $750 for people who have not owned their own home for at least five years.
I don't think there is a first-time buyers tax credit in BC any more.
