16 Grants and Rebates for Homebuyers and Owners

REBGV recently published an article with a list of 16 grants and rebates for homebuyers and owners. Here is a link to that information which could be very helpful to buyers and homeowners.


1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $35,000 (couples up to $70,000) from their RRSPs for a down payment. Must repay within 15 years. Eligibility to use the program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency.

2. First Home Savings Account

Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a downpayment. Contributions are tax deductible; capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan.

3. CMHC First-time Home Buyers’ Incentive

Qualifying first-time home buyers with annual household incomes less than $120,000 and a 5% down payment, a 10% shared equity mortgage for a newly constructed home OR a 5% shared equity mortgage for an existing home. Buyer repays the incentive later or at re-sale. Incentive reduces the amount of monthly mortgage payments.

4. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT (1% on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $500,000. Proportional exemption for homes priced $500,000 – $525,000. At $525,000+ no exemption. Foreign entities, taxable trustee ineligible.

5. BC PTT Newly Built Home Exemption

Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000 and a partial exemption on newly built homes priced $750,000 to $800,000.

6. First-Time Home Buyers’ Tax Credit

Eligible persons who bought a qualifying home can claim the home buyers’ amount of $10,000 on Line 31270 of Schedule 1 when filing their 2022 income tax and benefit returns.

7. GST/HST New Housing Rebate

New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal 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. There is no rebate for homes priced at $450,000+.

8. CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, up to a 25 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations.

9. BC Home Owner Grant

Reduces property taxes for home owners with an assessed or partitioned value up to $2.125 million. Grant reduced by $5 for each $1,000 above the threshold. The home owner grant threshold applies across the province. The amounts are:

·       $570 for the basic grant;

·       $770 if the home is located in a northern or rural area;

·       Up to $845 for home owners age 65 and more or a home owner with a disability; and

·       Up to $1,045 for home owners age 65 and more or a home owner with a disability where the home is in a northern or rural area.

10. BC Property Tax Deferment Programs

·       Property Tax Deferment Program for Seniors: qualifying home owners aged 55+ can defer property taxes. 

·       Financial Hardship Property Tax Deferment Program: qualifying low-income home owners can defer property taxes.

·       Property Tax Deferment Program for Families with Children: qualifying home owners who financially support children under age 18 can defer property taxes.

11. Multigenerational Home Renovation Tax Credit

Families adding a secondary unit to their home for an immediate or extended family member to live with them can claim a 15 per cent tax credit for up to $50,000 in renovation and construction costs.

12. Home Accessibility Tax Credit

Doubles the qualifying expense limit of qualifying home renovations up to $20,000 for 2022 and subsequent years. This tax credit is up to $3,000 for accessibility renovations or alterations.

13. Home buyers’ tax credit for persons with disabilities

Persons with disabilities, or persons with a spouse or common-law partner with disabilities, may be eligible for a disability tax credit, even if they’re not a first-time homebuyer.

14. Tax deductions for moving for work

Persons who got a new job and moved a minimum of 40 kilometers closer to work, may be able to deduct all moving costs, including the costs of selling real estate, ending a lease or mortgage, flights, movers, and temporary housing.

15. BC Rebate for Accessible Home Adaptations (BC RAHA)

This program provides up to $17,500 in rebates for adaptations to a home. Must be a resident of BC with limited income and assets. Eligible households include homeowners and joint applications from tenants and landlords – someone in the household must have a permanent disability or loss of ability.

16. Home Renovation Tax Credit for seniors and persons with disabilities

Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. Maximum refundable credit: $1,000 per tax year, calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online.

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