Thursday, April 19, 2012

First Time Buyers New Home Bonus

  • This is a time limited rebate (introduced with the enhanced HST rebates) for First Time Home Buyers buying new homes (until March 31, 2013 only), to qualify:
  • You must be eligible for an HST rebate on a new home purchased after April 1, 2012 and Completion must occur before Mar 31, 2013 (ie; transition tax does not apply)
  • You (and the if a couple, both persons) must be a First Time Home Buyers and BC Residents
  • The home must be the Buyers Primary Residence
  • Your Family Income must be less than $150,000 for full rebate (note : the rebate phases out to $0 for income over $200,000)
  • After closing you will apply to the BC Government which will grant a rebate of 5% of the purchase price of the home (if under 200k) or $10,000 (whichever is greater). The rebate will be a cheque mailed directly out to claimants after the application has been approved.

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