Lyn Hart

A Little Help to Purchase Your First Home!

• The ability to withdraw up to $25,000 from a RRSP for a downpayment, interest and tax free. (A couple can draw out a total of $50,000). Talk to your bank for more information.
• A $750 First-Time Home Buyers Credit that can help with closing costs.  
• Qualifying first-time buyers may be exempt from paying the BC Property Transfer Tax of 1% on the first $200,000 and 2% of the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.
• The BC Home Owner Grant, which helps reduce property taxes by up to $570 with the basic grant and a further $275 for those who qualify.

You qualify as a first time home buyer for the Property Transfer Tax  if:

• you are a Canadian citizen, or a permanent resident as defined by the Immigration and Refugee Protection Act (Canada),
• you have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property,
• you have never owned an interest in a principal residence anywhere in the world at any time (a principal residence is the usual place where an individual lives), and you have never received a first time home buyers’ exemption or refund.
• the fair market value of the property (land plus improvements) is not more than the qualifying value of $425,000 (only if purchasing an existing home),
• the land is 0.5 hectares (1.24 acres) or smaller, and
• the property will only be used as your principal residence.