Below is information for First Time Home Buyers. This is only intended to give you an overview, it is advised to talk to a qualified mortgage broker/Bank and Accountant for detailed information and on what options are available.
British Columbia First Time Home Buyers Program –
This program can eliminate or reduce the amount of property transfer tax that is due when purchasing a home, depending on eligibility and the fair market value of the property.
Please find more information on the B.C. government page (link below). It will outline the requirements and who is eligible:
Home Buyer’s Plan (HBP) –
This is a plan that allows you to withdraw from your registered retirement savings plans (RRSP) to buy or build a qualifying home for yourself or for a related person with a disability.
The Current withdrawal limit is $35,000. Please see the link below:
First Time Home Buyers Tax Credit –
Currently, First Time Home Buyers who obtain a qualifying home, can claim a non-refundable tax credit of up to $750. The Value of the Home Buyers Tax Credit is calculated by multiplying $5,000 by the lowest personal income tax rate. It is now proposed to increase the amount to calculate the HBTC to $10,000. This change would provide a tax credit of up to $1,500 for eligible home owners. For more information please visit:
First Time Home Buyer Incentive –
First Time Home Buyers may be eligible for a shared mortgage with the Government of Canada, meaning the Government may offer you financing without interest. Through this incentive, the Government offers to a first time home buyer 5% of the purchase price of an existing home and 5% or 10% of the purchase price of a newly constructed home to put towards the down payment. For more information and repayment rules please visit:
https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive