Available Until March 31st 2013
BC First-Time New Home Buyers’ Bonus is a ONE-TIME Homebuyers Bonus Effective until March 31st 2013 – Refund Personal Income Tax Credit of up to $10,000
First Time Home Buyers’ Bonus is a one time personal income tax credit worth up to $10,000 for BC residents who purchase an eligible new home and are first-time home buyers.
BC Resident – if you file a 2011 BC resident personal income tax return, or if you move to BC after December 31,2011, or you file a 2012 BC resident personal income tax return (you will not be eligible for the bonus if you move to BC after December 31, 2012)
First time home buyer defined as- an individual who has never previously owned a primary residence in Canada or anywhere in the world. If there are multiple buyers, every purchaser must be a first time home buyer to qualify.
Primary Residence Eligibility – must be a home that you intend to live in on a permanent basis. It can be owned by you or jointly however again to qualify, you and any purchasers must be first time homebuyers.
An eligible new home includes new homes (i.e. newly constructed and substantially renovated homes) that are purchased from a builder and that are owner- built.
• Contract of purchase and sale is entered into on or after
February 21, 2012
• HST is payable on the home
• No one else has claimed a bonus in respect of the home
• Construction of the home is complete, or the home is occupied,
before April 1, 2013
How much is the Bonus – equal to 5% of the purchase price of the home (or in the case of owner-built homes, 5% of the land and construction costs subject to HST) to a maximum of $10,000
Bonus will be reduced if income is too high:
• For individuals, bonus reduced by $.20 for every dollar in net income over $150,000 (bonus is reduced to zero at $200,000 net income)
• For couples, bonus reduced by $.10 for every dollar in family net income over $150,000 (bonus is reduced to zero at $250,000 family net income)
The builder sent in my BC HST New Housing Rebate – Am I still entitled to the bonus?
Yes, so long as you meet all the other requirements.
Is the bonus taxable? No. The bonus is a refundable personal income tax credit, meaning it will not be added to your income on your tax return.
For Further Information? Call us or go to online
Jared Dreyer - Dreyer Group Mortgage Team
Your Mortgage Professionals
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