Tax Benefits For BC Home Buyers
BC Home Owner Grant:
The basic grant can reduce your property tax by as much as $570.
To be eligible for the grant, you must meet the following criteria:
- You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia.
- You are the registered owner or eligible occupant of the home. The home must be located within the province.
- The home is your principal residence -where you live and conduct your daily activities. The grant does not apply to summer cottages, second homes or rental properties.
- Spouses who live together, including those who are married or who live together in a marriage-like relationship, including same-gender partners, can qualify for a grant on only one residence in the province in a calendar year.
- Spouses who live apart can each claim a grant on their principal residence if they have a written separation agreement or a court order recognizing the separation.
BC First Time Home Buyer Tax Credit:
This is a one time tax credit that you receive the year you purchase your first home.
You can claim an amount of $5,000 for the purchase of a home if both of the following apply:
- · you buy a qualifying home; and
- · you are a qualified first time home buyer
This tax credit saves you up to $750.