15 Grants and Rebates for Buyers and Owners

1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $60,000 (couples up to $120,000) from their RRSPs for a down payment. Must repay within 15 years. Eligibility to use the program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency.

2. First Home Savings Account

Qualifying first-time buyers can contribute up to $8,000 yearly to a First Home Savings Account (FHSA), up to a lifetime maximum of $40,000, to save for a downpayment. Contributions are tax deductible; Capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan.

3. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT. The tax is 1% on the first $200,000 of the purchase price and 2% on the portion from $200,001 to $2,000,000. A full exemption is available for eligible homes with a fair market value of up to $835,000. A partial exemption is available for homes over $835,000 and under $860,000. Home valued at $860,000 or more are not eligbile for the exemption. Purchasers must also meet residency, citizenship/permanent reisdent and other eligibility requirements.

4. BC Property Transfer Tax (PTT) Newly Built Home Exemption

Qualifying buyers of newly built homes may be eligilble for a full exemption from the BC Property Transfer Tax (PTT) if the home's fair market value is $1,100,000 or less. A partial exemption may be available for qualifying homes with a fair market value greater than $1,100,000 but less than $1,150,000.

5. First-Time Home Buyers’ Tax Credit

Eligible first time home buyers who bought a qualifying home may claim the Home Buyers’ Amount of up to $10,000 on Line 31270 of their federal income tax return.

6. First Time Home Buyers' GST New Housing Rebate

Eligible first-time home buyers may receive a 100% rebate of the 5% GST on newly built homes priced up to$1,000,000 with a partial rebate available for homes priced between $1,000,000 and $1,500,000 subject to eligibility requirements.

7. CMHC Mortgage Loan Insurance Premium Refund

Home buyers may qualify for a CMHC mortgage loan insurance premium refund of up to 25%, as well as an extended amortization period without surcharge, when they purchase an energy-efficient home or complete eligible energy-saving renovations.

8. BC Home Owner Grant

Reduces property taxes for eligible homeowners with a property assessed or partitioned value up to $2.125 million. The Home Owner Grant reduced by $5 for each $1,000 of assessed valuve above the threshold. The threshold applies province-wide.

$570 for the basic grant;
$770 if the home is located in a northern or rural area;
Up to $845 for home owners age 65 or older, or homeowners with a disability;
Up to $1,045 for home owners age 65 or older, or homeowners with a disability where the home is in a northern or rural area.

9. BC Property Tax Deferment Programs

Regular Program: Homeowners aged 55 or older, surviving spouses, and persons with disabilities may qualify to defer property taxes.
Families with Children Program: Homeowners supporting a child under 18 may qualify to defer property taxes.
Famililes with Hardship Program: Eligible homeowners experiencing financial hardship may qualify to defer property taxes.

10. Multigenerational Home Renovation Tax Credit

Eligible families who create a qualifying secondary unit for an immediate or extended family member may claim a 15% refundable tax credit on up to $50,000 in eligible renovation expenses, for a maximum credit of $7,500.

11. Home Accessibility Tax Credit

Eligible homeowners may claim a non-refundable tax credit of up to $3,000 for qualifying accessibility renovations or alterations. The annual qualifying expense limit is $20,000.

12. Home buyers’ tax credit for persons with disabilities

Individuals with a severe and prolonged impairment in physical or mental functions may be eligible for the Disability Tax Credit (DTC), subject to CRA eligibility requirements.

13. Tax deductions for moving for work

Persons who got a new job and moved a minimum of 40 kilometers closer to work, may be able to deduct all moving costs, including the costs of selling real estate, ending a lease or mortgage, flights, movers, and temporary housing.

14. BC Rebate for Accessible Home Adaptations (BC RAHA)

The BC RAHA program provides up to $17,500 in rebates to help fund eligible home adaptations that improve accessibility for people with permanent disabilities or a loss of physical ability. Applicants must beBC residents and meet the program's income and asset eligibility requirements. Eligible applicants include homeowners, as well as joint applications from tenants and landlords.

15. Home Renovation Tax Credit for seniors and persons with disabilities

Assists eligible homeowners with the cost of permanent home renovations that improve accessibility or help seniors and persons with disabilities live more safely and independently in their principal residence.

Eligible applicants include: