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There are generally a variety of cost and money saving programs for home buyers and home owners in the Province of BC. At the time of the writing of this article, they included the following:
BC Property Transfer Tax
There is a Property Transfer Taxcharged by the BC Government for the purchase of homes and land. Based on the fair market value on the date of registration, it is payable at a rate of 1% on the first $100,000 and 2% of the balance up to and including a value of $2,000,000. Next to the purchase itself this cost is often the largest one that a home / land buyer incurs.
BC Property Transfer Tax for First Time Home Buyers
TheFirst Time Home Buyers Programapplies to first time home buyers who qualify. They can apply may be eligible for either a full or partial exemption from this tax.
BC Property Transfer Tax Newly Built Home Exemption
The BC Government announced a newly built home exemption for newly built homes registered at the land title office after February 16, 2016. For those who qualify, the full exemption applies to homes with a fair market value of $750,000 or less and a partial exemption applies to homes with a fair market value between $750,000 and $800,000.
BC Property Transfer Tax Deferment Programs
There are several BC Property Transfer Tax Deferment Program for those who qualify.
Goods and Services Tax on New Homes in BC
There is no GST charged on used residential homes in BC but the GST is applicable to new and substantially renovated residential homes. New home buyers can apply for The GST New Home Rebatewhen the purchase price of the home is $350,000 or less and for a partial rebate when the purchase price falls between $350,000 and $450,000. There is no rebate for homes priced above $450,000.
Home Buyers Plan: Registered Retirement Savings for Down Payments
The Canada Revenue Agency Home Buyers Plan allows qualifying home buyers to use up to $25,000 of their RRSP to buy a home and couples can use up to $50,000 under certain conditions.
CRA Home Buyers Amount
The Canada Revenue Agency has a non-refundable tax credit called the Home Buyers Amount for home buyers that can be claimed against their income tax by those who qualify.
Some mortgage companies offer incentives such as home equity loans and purchase plus home improvement mortgages. Consumers should contact them directly to discuss what offers and incentives they offer.
Utility companies in BC sometime offer energy savings rebates. Consumers should contact them directly to see if any programs are currently offered.
There are also home renovation tax credits for seniors and persons with disabilities offered at the government level.
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