1 Home Buyers’ Plan
Qualifying home
buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from
their RRSPs for a down payment. Home buyers who have repaid their RRSP may be
eligible to use the program a second time.
Canada Revenue Agency
1.800.959.8287
2 GST Rebate on New Homes
New home buyers can
apply for a rebate for the 5% GST if the purchase price is $350,000 or less.
The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a
proportional GST rebate for new homes costing between $350,000 and $450,000. At
$450,000 and above the rebate is nil.
Canada Revenue Agency
1.800.959.8287
3 BC Property Transfer Tax (PTT)
First-Time Home Buyers’ Program
Qualifying first-time
buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on
the remainder of the purchase price of a home priced up to $425,000. There is a
proportional exemption for homes priced up to $450,000. At $450,000 and above
the rebate is nil.
BC Ministry of Small
Business and Revenue www.sbr.gov. bc.ca/business/Property_Taxes/Property_Transfer_Tax/ptt.htm
250.387.0604
4 First-Time Home Buyers’ Tax Credit
(HBTC)
This federal
non-refundable income tax credit is for qualifying buyers of detached, attached,
apartment condominiums, mobile homes or shares in a cooperative housing
corporation. The calculation: multiply the lowest personal income tax rate for
the year (15% in 2011) x $5,000. For the 2012 tax year, the maximum credit is
$750.
Canada Revenue Agency
1.800.959.8281
5 BC Home Owner Grant
Reduces property
taxes for home owners with an assessed value of up to $1,295,000. The basic
grant gives home owners:
• a maximum reduction of $570 in property taxes on principal
residences in the Capital, Greater Vancouver and Fraser Valley regional
districts;
• an additional grant of $200 to rural homeowners
elsewhere in the province; and
• an additional grant of $275 to seniors aged 65+,
those who are permanently disabled and war veterans of certain wars.
BC Ministry of Small
Business and Revenue www.rev.gov.bc.ca/ hog or contact your municipal tax office.
6 BC Property Tax Deferment Programs:
- Property Tax
Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to
defer property taxes.
- Financial
Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to
defer property taxes.
- Property Tax
Deferment Program for Families with Children. Qualifying low-income home owners who financially
support children under age 18 may be eligible to defer property taxes.
BC Ministry of Small
Business and Revenue www.sbr.gov.bc.ca/ individuals/Property_Taxes/ Property_Tax_Deferment/ptd.htm
7 Canada Mortgage and Housing (CMHC)
Residential Rehabilitation Assistance Program (RRAP) Grants. This federal program provides financial
aid to qualifying low-income home owners to repair substandard housing.
Eligible repairs include heating, structural, electrical, plumbing and fire
safety. Grants are available for seniors, persons with disabilities, owners of
rental properties and owners creating secondary and garden suites.
1.800.668.2642 |
604.873.7408
8 Home Adaptations for Independence
(HAFI)
A program jointly
sponsored by the provincial and federal governments provides up to $20,000 to
help eligible low-income seniors and disabled home owners and landlords to
finance modifications to their homes to make them accessible and safer.
604.646.7055 or
toll-free 1.800.407.7757 extension 7055
9 CMHC Mortgage Loan Insurance Premium
Refund
Provides home buyers
with CMHC mortgage insurance, a 10% premium refund and possible extended
amortization without surcharge when buyers purchase an energy efficient home or
make energy saving renovations.
604.731.5733
10 Energy Saving Mortgages
Financial
institutions offer a range of mortgages to home buyers and owners who make
their homes more energy efficient. For example, home owners who have a home
energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may
qualify for a rebate of $300 to their RBC account.
1.800.769.2511
11 Low Interest Renovation Loans
Financial
institutions offer ‘green’ loans for home owners making energy efficient
upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000
at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver
loan offers 1% off the interest rate for a fixed rate installment loan over
$5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan
over $5,000.
For information visit
your financial institution.
www.vancity.com/Loans/TypesOfLoans/BrightIdeas and www.rbcroyalbank.com/products/ personalloans/energy-saver-loan.html
12 BC Hydro Appliance Rebates
Mail-in rebates for
purchasers of ENERGY STAR clothes washers, refrigerators or freezers.
1.800.224.9376
13 BC Hydro Fridge Buy-Back Program
This ongoing program
rebates BC Hydro customers $30 to turn in spare fridges in working condition.
1 Real Estate Board of Greater Vancouver • Updated December 2013
604.881.4357
14 FortisBC Rebate Program
A range of rebates
for home owners include a $75 rebate for upgrading to an ENERGY STAR clothes
washer, $300 rebate on an Ener-Choice fireplace and a $1,000 rebate for
switching to natural gas (from oil or propane) and installing an ENERGY STAR
heating system.
1.888.224.2710
15 FortisBC Rebate Program for
Businesses
For commercial
buildings, provides a rebate of up to $60,000 for the purchase of an energy
efficient boiler, up to $15,000 for the purchase of a high-efficiency water
heater and recieve funding towards a new construction energy study.
1.866.884.8833
16 LiveSmartBC Small Business Program
Business Energy
Advisors (BEAs) delivers free energy assessments. Help business owners tap into
available product incentives and cash rebates for lighting, hot water, heating
and ventilation improvements. Help business owners coordinate product
installation. NOTE: this program expires March 31, 2014.
1-866-430-8765
17 City of Vancouver Rain Barrel Subsidy
Program
The City of Vancouver
provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents.
With the subsidy, the rain barrel costs $75. Buy your rain barrel at the
Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per
resident. Bring proof of residency. There is a also a limited time offer for
short rain barrels for small yards. Cost $50.
604.736.2250
Other municipalities
have similar offers.
18 Local Government Water Conservation Incentives
Your municipality may
provide grants and incentives to residents to help save water. For example, the
City of Coquitlam offers residents a $100 rebate and the City of North
Vancouver, District of North Vancouver, and District of West Vancouver offer a
$50 rebate when residents install a low-flush toilet. Visit your municipality’s
website and enter ‘toilet rebate’ to see if there is a program.
19 Local Government Water Meter Programs
Your municipality may
provide a program for voluntary water metering, so that you pay only for the
amount of water that you use. Delta, Richmond and Surrey have programs and
other municipalities may soon follow. Visit your municipality’s website and
enter ‘water meter’ to find out if there is a program.
Top Grants and Rebates
for Property Buyers and Owners continued
Real Estate Board of Greater Vancouver • Updated
December 2013 2
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