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"Call us at Canadian 1st Realty Inc  if you want to know how this program works –
10k income tax write off max! or up to 5% of purchase price!! wow - cheque gets sent as tax refund next year. Still waiting for final approval.

IE) buying a home for 100k - you get 5% income tax credit = 5000.00!! - after you buy a home for more then 200k the rebate caps out at 10k.

*if your net more then 150k a year, you begin to get some of your rebate clawed back!!!"

Dave Browne Sales Manager Canadian 1st

(BC Government detail sheet below)

THE B.C. FIRST-TIME NEW HOME        
BUYERS’ BONUS              
                 
Subject to approval by the legislature, the B.C. government intends to implement a temporary BC First-Time New  
Home Buyers’ Bonus. Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal  
income tax credit worth up to $10,000.            
                 
Requirements to Qualify              
for the Bonus                
ELIGIBLE FIRST-TIME       bonus will be available in respect  
NEW HOME BUYER       of owner-built homes where:  
You will qualify as a first-time new home buyer if:   »» A written agreement of purchase and  
»» You purchase or build an eligible     sale in respect of the land and building is  
new home located in B.C.;       entered into on or after February 21, 2012;
»» You, or for couples, you and your spouse     »» Construction of the home is  
or common law partner, have never     complete, or the home is occupied,  
previously owned a primary residence;     before April 1, 2013; and    
»» You file a 2011 B.C. resident personal     »» No one else has claimed a bonus  
income tax return, or if you move to B.C.     in respect of the home.    
after December 31, 2011, you file a 2012 B.C.     A substantially renovated home is one  
resident personal income tax return (you     where all or substantially all of the interior
will not be eligible for the bonus if you     of a building has been removed or replaced.
move to B.C. after December 31, 2012);     Generally, 90% or more of the interior of the
»» You are eligible for the B.C. HST     house must be renovated to qualify as a  
New Housing Rebate; and       substantially renovated home (90% test).  
»» You intend to live in the home     Amount of the Bonus    
as your primary residence.       MAXIMUM AMOUNT    
ELIGIBLE NEW HOME       The bonus is equal to 5% of the purchase price of
An eligible new home includes new homes (i.e.,   the home (or in the case of owner-built homes,
newly constructed and substantially renovated     5% of the land and construction costs subject to
homes) that are purchased from a builder and     HST) to a maximum of $10,000.  
that are owner-built. The bonus will be available   PHASE-OUT FOR HIGHER    
in respect of new homes purchased from a     INCOME EARNERS    
builder where:         The bonus will be reduced based on an  
»» A written agreement of purchase and sale is   individual’s/couple’s net income (line 236 of your
entered into on or after February 21, 2012;     income tax return) using the following formula:
»» HST is payable on the home (e.g.,     »» For single individuals, the bonus is  
HST will generally be payable if       reduced by 20 cents for every dollar in  
ownership or possession of the home     net income over $150,000 (bonus is  
transfers before April 1, 2013 – see     reduced to zero at $200,000 net income).
further details below); and       »» For couples, the bonus is reduced by  
»» No one else has claimed a bonus     10 cents for every dollar in family net  
in respect of the home. (back to top right)   income over $150,000 (bonus is reduced  
          to zero at $250,000 family net income).  
                 
                 
                 
Additional Information              
APPLICATION PROCESS       For owner-built homes, the bonus will be based
Individuals must apply for the bonus through     on land and construction costs subject to the HST.
the B.C. government. Individuals can apply once   Eligible new homes will include:  
application forms have been posted on the B.C.     »» Detached Houses, semi-detached  
Ministry of Finance website later this year. Applicants   houses, duplexes and townhouses,  
will be required to submit documentation     »» Residential condominium units,  
demonstrating eligibility for the bonus.     »» Mobile homes and floating homes, and  
ELIGIBLE NEW HOME       »» Residential units in a cooperative  
The bonus is available in respect of new homes   housing corporation.    
(i.e., newly constructed and substantially renovated   For More Information    
homes) where HST is payable. HST will generally be   INCOME TAXATION BRANCH  
payable on homes purchased from a builder where   Ministry of Finance    
ownership or possession transfer before April 1, 2013.   Province of British Columbia    
Potential buyers should consult with the builder to   Telephone: (250) 387-3332 or 1 (877) 387-3332
determine if the home will be subject to the HST.   Email: ITBTaxQuestions@gov.bc.ca  
                 
Bonus Phase-Out for Higher Income Earners – Examples          
HOME P R I C E* – $200,000 OR MORE            
      single   couple      
Family Net Bonus Before Bonus Actual Bonus Bonus Bonus Actual Bonus  
Income Reduction Reduction Received Reduction Reduction Received    

$75,000

$10,000

$0

$10,000

$0

$0

$10,000

   

$100,000

$10,000

$0

$10,000

$0

$0

$10,000

   

$150,000

$10,000

$0

$10,000

$0

$0

$10,000

   

$175,000

$10,000

($5,000)

$5,000

($2,500)

($2,500)

$7,500

   

$200,000

$10,000

($10,000)

$0

($5,000)

($5,000)

$5,000

   

$225,000

$10,000

($10,000)

$0

($7,500)

($7,500)

$2,500

   

$250,000

$10,000

($10,000)

$0

($10,000)

($10,000)

$0

   
                 
                 
HOME PRICE* – $150,000              
    single   couple        
Family Net Bonus Before Bonus Actual Bonus Bonus Actual Bonus      
Income Reduction Reduction Received Reduction Received      

$75,000

$7,500

$0

$7,500

$0

$7,500

     

$100,000

$7,500

$0

$7,500

$0

$7,500

     

$150,000

$7,500

$0

$7,500

$0

$7,500

     

$175,000

$7,500

($5,000)

$2,500

($2,500)

$5,000

     

$200,000

$7,500

($7,500)

$0

($5,000)

$2,500

     

$225,000

$7,500

($7,500)

$0

($7,500)

$0

     
                 
In the case of owner-built homes, the bonus amount will be calculated based on the land and      
construction costs that are subject to the HST.            

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