QUICK TIP TUESDAY #16

Are you a First Time Home Buyer in BC?

 

There are government programs that offer rebates and tax credits to make home ownership more attainable for those looking to purchase their first home.

 

BC FIRST TIME HOME BUYERS PROGRAM:

First time home buyers may be exempt from paying the property transfer tax on a home priced $475,000 or less.  There is a proportional exemption for between $475,000-$500,000.

Property Transfer Tax rate is 1% on the first $200,000 of the purchase price and 2% on the remainder.

More Information Here:

http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers

 

CANADA REVENUE AGENCY HOME BUYERS PLAN:

The ability to use RRSP's toward a down payment.  Individuals can access up to $25,000 and couples up to $50,000.  (Must be considered a first time home buyer, must be your principal residence,  & loan must be repaid within 15 years)

More Information Here:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/cndtns/menu-eng.html

 

CANADA REVENUE AGENCY FIRST TIME HOME BUYERS' TAX CREDIT:

A federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in cooperative housing corporation.  It's calculated by multiplying the lowest personal income tax rate for the year by $5,000. 

More Information Here:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/369/menu-eng.html

 

***Always talk to your mortgage specialist and lawyer to confirm eligibility for each program***

 

List w/ me and get $1,000 Air Miles

Buy or Sell w/ me between Jan. 1, 2016 - June 30, 2016 and be entered to win 10,000 Air Miles

 

 

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Aaron Moss

Aaron Moss

REALTORĀ®
CENTURY 21 Assurance Realty Ltd.
Contact Me

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