Given the popularity of the First-Time New Home Buyers’ Bonus, BCREA has received many questions regarding how the bonus works and has updated its website with the information received from the Ministry of Finance.
v The BC First-Time New Home Buyers’ Bonus is a one-time refundable personal income tax credit worth up to $10,000 for first-time new home buyers.
v Application forms (available later this year) will need to be completed and sent to the BC Ministry of Finance for processing.
v The bonus will be issued as a separate cheque from the BC Ministry of Finance.
v If income is above $150,000 there will be some clawback of the $10,000. The bonus will NOT be claimed through income tax.
Please see the Ministry of Finance website for additional information and Frequently Asked Questions(FAQ). The Ministry has confirmed they will be updating their site to reflect that the bonus will be a cheque from the government and not a tax credit.