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
www.cra.gc.ca Enter ‘Home Buyers’ Plan’ in the search box.
1.800.959.8287
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
www.cra-arc.gc.ca Enter ‘RC4028’ in the search box.
1.800.959.8287
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.
www.hstinbc.ca/faqs/new-housing-rebate
1.800.959.8287
4 BC New Housing Rebate (HST) for Secondary Vacation or Recreational Homes
Buyers of new or substantially renovated secondary or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 are eligible for a provincial enhanced New Housing Rebate of 71.43% of the provincial portions (7%) of the 12% HST paid to a maximum rebate of $42,500. Home priced at $850,000+ are eligible for a flat rebate of $42,500.
www.hstinbc.ca/buying_goods/buying_a_home/new_home_tax_calculator
1.800.959.8287
5 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.
hst.blog.gov.bc.ca/faqs/new-housing-rebate
1.800.959.8287
6 BC First-Time New Home Buyers’ Bonus
First-time new home buyers may be eligible a one-time grant equal to 5% of the purchase price of the home, or if you are building a home, 5% of the land and constriction costs, up to $10,000. The bonus is based on the net income of the home buyer. This program ends March 31, 2013.
www.sbr.gov.bc.ca/documents_library/notices/FTHB_Bonus.pdf
1.877.387.3332
7 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 $200,000 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
www.rev.gov.bc.ca/rpt
250.387.0604
8 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 cooperative 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
www.cra.gc.ca/hbtc
1.800.959.8281
9 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 each $1,000 of value 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 each $1,000 of assessed value over $1,050,000 and eliminated on homes assessed at $1,219,000+.
BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/hog or contact your municipal tax office.
10 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 www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.
11 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
12 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.
www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno
604.731.5733
13 Energy Saving Mortgages
Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account.
www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html
1.800.769.2511
14 Low Interest Renovation Loans
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’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.
www.vancity.com/Loans/BrightIdeas
www.rbcroyalbank.com/products/personalloans/energy-saver-loan.html
15 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.
www.livesmartbc.ca/rebates
1.866.430.8765
16 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.
hst.blog.gov.bc.ca/faqs/energy-credit
604.660.4524
17 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.
www.bchydro.com/rebates_savings/appliance_rebates.html
1.800.224.9376
18 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.
www.bchydro.com/rebates_savings/fridge_buy_back.html
604.881.4357
19 BC Hydro Windows Rebate Program
Customers can save $100 per window on BC made ENERGY STAR windows until August 18, 2010.
20 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 shower heads. Check for deadlines.
www.bchydro.com/rebates_savings/coupons.html
1.800.224.9376
21 FortisBC Rebate Program
A range of rebates for home owners include a $25 gift cards for furnace servicing; $50 rebates for upgrading a water heater; $150 rebate on an EnerChoice fireplace; $1,000 rebate for switching to natural gas and installing an ENERGY STAR heating system.
http://www.fortisbc.com/NaturalGas/Homes/Offers/Pages/default.aspx
1.888.224.2710
22 FortisBC Efficient Boiler Program
For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits.
www.fortisbc.com/NaturalGas/Business/Offers/Pages/default.aspx
1.888.477.0777
23 City of Vancouver Solar Homes Pilot
This rebate of $3,000 (about 50% of the cost) is for a Vancouver home owner upgrading to a solar hot water system from a gas system. Offered by the City of Vancouver, SolarBC, FortisBC and Offsetters on a first come, first served basis until the City reaches its target of 30 homes.
www.vancouver.ca/solar
604.871.6288
24 City of Vancouver Rain Barrel Subsidy Program
The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency.
http://vancouver.ca/engsvcs/watersewers/water/conservation/programs/rainbarrel.htm
604.736.2250
Other municipalities have similar offers.
25 City of Vancouver Greenest City 2020 Pilot Home Energy Loan Program
The City of Vancouver in cooperation with Vancity, FortisBC, BC Hydro and Natural Resources Canada offers access to loans for energy retrofits including heating systems, insulation and air sealing. Loans are at 4.5% fixed rate over 10 years. The program also helps with accessing grants from the federal ecoENERGY program, the provincial LiveSmart BC program and FortisBC.
www.vancouver.ca/energyloan
Email: [email protected]
604.374.0507
26 Vancity 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.
https://www.vancity.com/MyCommunity/NotForProfit/Grants/ActingOnClimateChange/GreenBuildingGrant
604.877.7000
27 Local Government Water Conservation Incentives
Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.
28 Local Government Water Meter Programs
Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.
Courtesy of Real Estate Board of Greater Vancouver • Updated March 23, 2012
-From your Vancouver Real Estate expert team - Peter Saito & Vivian Li