Tax Benefits For BC Home Buyers

Tax Benefits For BC Home Buyers

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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.


Iain

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