New Relief for First Time Home Buyers and Increased HST Rebate for New Homes & Others!
I recently had the pleasure of interviewing Sean Akeroyd of Akeroyd Leung in Vancouver about some changes to the HST in the 2012 BC Budget and here’s what’s new:
First-Time New Home Buyers Bonus
The 2012 British Columbia Budget has some great goodies for the first time buyers of newly built properties. Effective February 21, 2012, to March 31, 2013, the $10,000 B.C. First-Time New Home Buyers’ Bonus will give a temporary, refundable income tax
Credit for first-time buyers purchasing newly-built homes.
Rebate Boosted for Newly Built Homes
Effective April 1, 2012, the current HST rebate threshold for home purchases increases to $850,000. More than 90 percent of newly built homes are below that price. Purchasers will now be eligible for a provincial HST rebate of up to $42,500. And, for the first time, purchasers of new secondary vacation or recreational properties built outside the GVRD and Capital Regional District priced up to $850,000 will be eligible to claim a provincial grant of up to $42,500, effective April 1, 2012.
A Renovation Tax Credit for Seniors
We are introducing a Seniors Home Renovation Tax Credit worth up to $1,000 a year, helping B.C. seniors stay in their homes longer and also supporting the home renovation sector. It will be available to seniors or family members sharing their home, whether they rent or own, and help to reduce the costs of structural changes, such as handrails, ramps or walk-in bathtubs.
Remember folks!
Please do not make investment decisions based on this information. I am not an Accountant and I am not giving tax advice. Certain situations nullify the credits or bonuses. Always contact your tax advisor or accountant prior to engaging in such transactions
Looking to Calculate an HST Rebate?
Check out this great HST Rebate Calculator!
Thinking of getting a 35 or 40-year Amortization on a Mortgage?
Check out this great 40 year Canadian Mortgage Calculator!