|Top Grants and Rebates for Property Buyers and Owners
Saving money is important to all of us. Here are some ways to put money back into your pocket!
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!
2. GST Rebate on New Homes: 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. At $450,000 and above the rebate is nil.
3. BC 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 $200,00 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. At $450,000 and above the rebate is nil.
4. First-Time Home Buyers' Tax Credit (HBTC)
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2012) x $5,000. For the 2013 tax year, the maximum credit is $750.
5. BC Home Owner Grant:Reduces property taxes for home owners with an assessed value of up to $1,295,000. The basic grant gives home owners:
6. BC Property Tax Deferment Programs:
- a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
- an additional grant of $200 to rural homeowners elsewhere in the province; and
- an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.
7. Low Interest Renovation Loans
- Property Tax Deferment Program for Seniors
- Financial Hardship Property Tax Deferment Program
- Property Tax Deferment Program for Families with Children
Financial Institutions offer 'green' loans for home owners making energy efficient upgrades. Vancity's Bright Ideas personal loan offers home owners up to $20,000 at prime +1% for up to 10 years for 'green' renovations. RBC also offers a Energy Saver loan. For more information, contact your financial institution or your Mortgage Broker.
For more grant/rebate information or a current market update in your neighbourhood, contact me at 604.739.1129 or firstname.lastname@example.org .
About Your Realtor
Pamela recently received the Presidents Awardfor outstanding achievement in 2013. Most of my business comes from my past clients and those they introduce me to. Thank you so much for your support.
Timing is everything! If you are considering listing your property, the time is now. Many Buyers are out looking! Waiting until later means that more properties come onto the market and it increases your competition. Make your property stand out! Get your property on the market before others do.
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Fact: The average budget of a first time home buyer in Vancouver is $506,500.