Whether planning a home purchase or already an owner - when one digs deep enough - you can find some very attractive and straight foreword rebates or grants offered by many authorities and/or service providers - that can provide in some instances substantial cost savings when purchasing a home or upgrading your current residence.
The major rebates - not to be missed - are the following:
1. GST Rebate - 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 $350,000.00. The rebate is up to 36% of the GST to a maximum of $6,300.00. There is a proportional rebate for homes in the $350-450,000 range. Direct link to Canada Revenue Agency.
2. BC New Housing Rebate. 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 to a maximum of $26,250. Homes priced above $525,000 are eligible for a flat rebate of $26,250. NOTE - Landlords doing the same with NEW rental housing also qualify. Visit this direct link - hstinbc - for more info.
3. Home Buyers Plan - RRSP. Qualifying home buyers can withdraw up to $25,000 (couples $50,000) from their RRSPs for a down payment. Repayment is required within 15 years - at 1/15th of the total amount - paid back each year. Paid off early ? You may be eligible to use the plan a second time. Direct link to Canada Revenue Agency.
4. BC Property Transfer Tax - FIRST Time Buyers Program. Qualifying first time home buyers may be exempt from paying the PTT - 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 up to $450,000. Direct link to the Buyers Program.
5. BC Home Owner Grant. Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. An additional grant reduces property taxes by a further $275 for a total of $845 - for seniors, veterans and the disabled. Direct link to BC Home Owner Grant.
These are the most substantial offerings but without too much effort - almost 25 programs and rebates of various types can be found - offered by federal, provincial, municipal and corporate service providers. BC Hydro is a great source - with rebates for new appliance purchases, fridge buy-back, new windows rebate and mail-in savings coupons. Direct link to BC Hydro Rebates and Savings.
Take a look at all these websites - well worth the time - and the money.
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