Subject to approval by the legislature, the B.C. government intends to implement a temporary BC First-Time New Home Buyers’ Bonus. Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal income tax credit worth up to $10,000.
Requirements to Qualify for the Bonus
ELIGIBLE FIRST-TIME NEW HOME BUYER
You will qualify as a first-time new home buyer if:
- You purchase or build an eligible new home located in B.C.;
- You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;
- You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);
- You are eligible for the B.C. HST New Housing Rebate; and
- You intend to live in the home as your primary residence
Amount of the Bonus
The bonus is 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.
Download the full report (PDF)
Get in touch if you would like Lorne’s help to take advantage of this bonus!