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The BC First Time New Home Buyer Bonus helps make owning your own home a little more affordable. If you’re a first-time home buyer in the market for a newly-built home, you can now get up to $10,000 back from the BC government.

 

If you are a first-time homebuyer purchasing a newly-built home before March 31, 2013, you can get an income tax credit worth up to $10,000.

 

The credit works out to 5% of the home’s purchase price, up to a maximum of $10,000. In other words, any newly-built home worth $200,000 or more qualifies for the full amount.

 

The BC First Time New Home Buyer Bonus is designed to help families starting out, especially those with lower incomes. That’s why it is gradually phased out for people earning more than $150,000 a year.

 

BC is striving to help first-time home buyers start a new life with their family and a $10,000 credit is just one more way we can help.

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     The B.C. First-Time New Home Buyers' Bonus is a new temporary measure designed to provide tax relief during the transition period back to the PST for families and individuals who are purchasing their first home and will assist the residential construction industry by encouraging purchases of newly constructed homes.

  

The bonus will be available in respect of purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale was entered into, on or after February 21, 2012 and before April 1, 2013.

For Qualification Details, CLICK Here

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     The Government of BC has published information about transitioning from the Harmonized Sales Tax back to the Provincial Sales Tax and Goods and Services Tax that commences as of April 1, 2013.  For details, CLICK HERE.


Remember: HST, GST or PST does NOT apply to Resale Homes!


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