Navigating the intricate landscape of homeownership can be financially daunting, but there are numerous grants and rebates available to alleviate the burden for both prospective buyers and current homeowners. These incentives aim to support individuals and families in various aspects of their housing journey, ranging from down payment assistance to energy-efficient upgrades.
1. Home Buyers’ Plan
Eligible home buyers can withdraw up to $35,000 from their RRSPs ($70,000 for couples) for a down payment, repayable within 15 years. Second use eligibility includes those who experienced marital breakdowns or repaid their RRSP, and can be combined with the First Home Savings Account program.
2. First Home Savings Account
First-time buyers can contribute up to $8,000 annually (up to $40,000 total) towards a down payment, with tax-deductible contributions and tax-free capital gains and interest. Compatible with the Home Buyers’ Plan.
3. CMHC First-time Home Buyers’ Incentive
Offers a 10% shared equity mortgage for newly constructed homes or 5% for existing homes for qualifying first-time buyers with incomes under $120,000 and a 5% down payment, repayable later.
4. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program
Qualifying first-time buyers may be exempt from PTT for homes priced up to $500,000, with a proportional exemption for homes up to $525,000, excluding foreign entities and taxable trustees.
5. BC PTT Newly Built Home Exemption
Exempts qualifying buyers of new homes from PTT for homes priced up to $750,000, with partial exemption for homes up to $800,000.
6. First-Time Home Buyers’ Tax Credit
Eligible buyers can claim a $10,000 credit when filing taxes for a qualifying home purchase.
7. GST/HST New Housing Rebate
Provides rebates for GST on new homes priced up to $350,000, with proportional rebates for homes up to $450,000.
8. CMHC Mortgage Loan Insurance Premium Refund
Offers up to a 25% premium refund for CMHC mortgage insurance for energy-efficient homes or energy-saving renovations.
9. BC Home Owner Grant
Reduces property taxes for eligible homeowners, with varying amounts based on assessed property value and age/disability status.
10. BC Property Tax Deferment Programs
Programs for seniors, low-income homeowners, and families with children to defer property taxes.
11. Multigenerational Home Renovation Tax Credit
Provides a 15% tax credit for families adding secondary units for family members.
12. Home Accessibility Tax Credit
Doubles the expense limit for qualifying accessibility renovations up to $20,000.
13. Home Buyers’ Tax Credit for Persons with Disabilities
Provides tax credits for persons with disabilities purchasing homes.
14. Tax Deductions for Work-related Moves
Allows deductions for moving costs for job-related relocations.
15. BC Rebate for Accessible Home Adaptations (BC RAHA)
Offers rebates for home adaptations for residents with disabilities and limited income/assets.
16. Home Renovation Tax Credit for Seniors and Persons with Disabilities
Provides a refundable credit for eligible home renovations for accessibility.
