Together with the budget announcement on February 20, 2012, the BC Government introduced a new First Time Home Buyers Bonus which is payable as an income tax credit. This is especially good news for condo developers who have inventory below $450,000.
Who Qualifies? To be eligible a BUYER must meet all of the following:
- Contract signed AFTER Feb 21, 2012
- Completion BEFORE Mar 31, 2013
- HST is payable on the New Home (WFN lands do not qualify)
- First Time Home Buyers
- BC Residents
- Home is Buyer’s Primary Residence
- Family Income Less than $150,000 for full rebate (phase out to $0 at 200k)
How Much?
- 5% of the purchase price of the home (if under 200k) or $10,000 (whichever is greater)
How to Apply?
- Apply for Bonus through BC Government (see info here) by submitting this FORM.
Proviso: This information here has not yet become law and is based on the discussion papers published by the Government of British Columbia. These rules may change as the legislation progresses through the BC legislature.
Peter Borszcz is a Real Estate Lawyer and Business Lawyer practicing in Kelowna, BC in the law firm of Montgomery Miles & Stone Law Firm.