1. Home Buyers' Plan Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.
Canada Revenue Agency: http://www.cra-arc.gc.ca/ 1-800-959-8287 Enter ‘Home Buyers’ Plan’ in the search box.
2. GST Rebate on New Homes New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Canada Revenue Agency: http://www.cra-arc.gc.ca/ 1-800-959-8287 Enter ‘RC4028’ in the search box.
3. BC New Housing Rebate (HST) Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7% of the 12% HST) paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.
4. BC New Rental Housing Rebate (HST) Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.
5. Property Transfer Tax (PTT) First Time Home Buyers’ Program Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.
BC Ministry of Small Business and Revenue: http://www.blogger.com/www.rev.gov.bc.ca/rpt 1-250-387-0604
6. First Time Home Buyers Tax Credit (HBTC) This is a non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a co-operative housing corporation. It’s calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009 the maximum credit was $750.
Canada Revenue Agency: http://www.blogger.com/www.cra-arc.gc.ca/hbtc 1-800-959-8281
7. BC Home Owner Grant Reduces school property taxes by up to $570 on properties with an assessed value up to $1,050,000. For 2010, the basic grant is reduced by $5 for every $1,000 over $1,050,000, and eliminated on homes assessed at $1,164,000+. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for every $1,000 over $1,050,000 and eliminated for homes assessed at $1,219,000+.
BC Ministry of Small Business and Revenue: http://www.blogger.com/www.rev.gov.bc.ca/hog or contact your municipal tax office.
8. BC Property Tax Deferment Programs Property Tax Deferment Program for Seniors: Qualifying home owners aged 55+ may be eligible to defer property taxes. Financial Hardship Property Tax Deferment Program: Qualifying low-income home owners may be eligible to defer property taxes. Property Tax Deferment Program for Families with Children: Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes.
BC Ministry of Small Business and Revenue: http://www.blogger.com/www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box, or contact your municipal tax office.
9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and for the creation of secondary and garden suites.
www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm 1-800-668-2642 604-873-7408
10. CMHC Mortgage Loan Insurance Premium Refund Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy savings renovations.
11. LiveSmart BC: Efficiency Incentive Program Home owners improving the energy efficiency of their homes who hire a certified energy advisor may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro and FortisBC.
12. BC Residential Energy Credit Home owners and residential landlords buying heating fuel receive a BC Government point-of-sale rebate on utility bills equal to the provincial component of the HST.
13. BC Hydro Appliance Rebates Mail-in rebates of $25 - $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers or freezers between June 1, 2010 and March 31, 2011, or when funding for the program is exhausted.
14. BC Hydro Fridge Buy-Back Program (different from Appliance Rebates) This ongoing program rebates BC Hydro customers $30 to turn in spare fridges measuring 10 – 24 cubic feet in working condition.
15. BC Hydro Windows Rebate Program Customers can save $100 per window on BC made ENERGY STAR windows until August 18, 2010.
16. BC Hydro Mail-In Rebates/Savings Coupons To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR cordless phone; 50% off an E2™ dual-flush toilet; $15 off a clothes drying rack; and 50% off Earth Massage showerheads. Check for deadlines.
17. Terasen Gas Rebate Program A range of rebates for home owners include $25 gift cards for furnace servicing; $50 rebate for upgrading a water heater; $150 rebate on an EnerChoice fireplace; $1,000 rebate for switching to natural gas and installing and ENERGY STAR heating system.
18. SolarBC Incentives Contractors will provide home owners buying a solar hot water system with a $2,000 discount at the point-of-sale until December 31, 2010.
19. City of Vancouver Solar Homes Pilot Offers $3,500 (about 50% of the cost) towards the cost of a solar hot water system for anyone building new homes in Vancouver. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters to 50 new homes on a first come, first served basis, January 2010 to March 2011, with building permits issued in 2010.
20. RBC Energy-Saver™ Mortgage Home owners who have a home energy efficient audit within 90 days of receiving an RBC Energy-Saver™ Mortgage may qualify for a $300 rebate credited to their RBC account.
21. Vancity/Real Estate Foundation Green Building Grant In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies.