British Columbia families can take advantage of several new housing relief measures that take effect April 1, 2012.
• The B.C. new housing HST rebate threshold increases to $850,000.
British Columbians buying a new home as a primary residence may be eligible for a rebate of the provincial portion of HST up to $42,500, based on this higher threshold. More than 90 per cent of newly built homes are below this threshold. The HST does not apply to resale housing.
• Purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts may be eligible to claim a provincial grant of up to $42,500 based on a threshold price of $850,000.
• A new B.C. Seniors’ Home Renovation Tax Credit of up to $1,000 annually will be available to help with the cost of permanent home renovations that provide British Columbians aged 65 and over with increased independence, allowing them the flexibility to remain in their own homes longer. The credit can be claimed by seniors, whether they own their home or rent, and by individuals who share a home with a senior relative.
First-time buyers of newly built homes may also be eligible to receive the temporary B.C. First-Time New Home Buyers’ Bonus of up to $10,000.
More information: www.pstinbc.ca/buying_goods/new-home-purchase-grant
These measures will also help to protect and create jobs by supporting the home construction and renovation industry.
For more information on these new measures, please visit:
www.gov.bc.ca/fin/ and www.pstinbc.ca.
For tax questions call 1-877-388-4440 or e-mail:
CTBtaxquestions@gov.bc.ca