Here are 25 useful resources to consider if you own a home or are looking for one.
1. Home Buyers’ Plan
Qualifying home buyers can withdraw up to $25,000 (couples can
withdraw up to $50,000) from their RRSPs for a down payment. Home
buyers who have repaid their RRSP may be eligible to use the program
a second time. Canada Revenue Agency.
www.cra.gc.ca. Search ‘Home Buyers’ Plan’
2. GST Rebate on New Homes
New home buyers can apply for a rebate of the federal portion of
the HST (the 5% GST) if the purchase price is less than $350,000. The
rebate is up to 36% of the GST to a maximum rebate of $6,300. There is
a proportional GST rebate for new homes costing between $350,000 and
$450,000.Canada Revenue Agency.
www.cra.gc.ca. Search ‘RC4028’
3. BC New Housing Rebate (HST)
Buyers of new or substantially renovated homes priced up to
$525,000 are eligible for a rebate of 71.43% of the provincial portion
(7%) of the 12% HST paid to a maximum rebate of $26,250. Homes
priced at $525,000+ are eligible for a flat rebate of $26,250.
4. BC New Rental Housing Rebate (HST)
Landlords buying new or substantially renovated homes are
eligible for a rebate of 71.43% of the provincial portion of the HST,
up to $26,250 per unit.
5. BC Property Transfer Tax (PTT) First Time Home
Qualifying first-time buyers may be exempt from paying the PTT of 1%
on the first $200,000 and 2% on 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.BC Ministry of Small Business and Revenue.
6. First-Time Home Buyers’ Tax Credit (HBTC)
This federal non-refundable income tax credit is for qualifying
buyers of detached, attached, apartment condominiums, mobile homes
or shares in a cooperative housing corporation. The calculation: multiply
the lowest personal income tax rate for the year (15% in 2010) x $5,000.
For the 2010 tax year, the maximum credit is $750.Canada Revenue
7. BC Home Owner Grant
Reduces school property taxes by up to $570 on properties with an
assessed value up to $1,150,000. For 2011, the basic grant is reduced by
$5 for each $1,000 of value over $1,150,000, and eliminated on homes
assessed at $1,264,000. An additional grant reduces property tax by a
further $275 for a total of $845 for seniors, veterans and the disabled.
This is reduced by $5 for each $1,000 of assessed value over $1,150,000
and eliminated on homes assessed at $1,319,000+.BC Ministry of Small
Business and Revenue
Or contact your municipal tax office.
8. BC Property Tax Deferment Programs
Property Tax Deferment Program for Seniors. Qualifying home
owners aged 55+ may be eligible to defer property taxes.
Financial Hardship Property Tax Deferment Program. Qualifying
low-income home owners may be eligible to defer property taxes.
Property Tax Deferment Program for Families with Children.
Qualifying low income home owners who financially support children
under age 18 may be eligible to defer property taxes.
BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca
and enter ‘Property tax deferment’ in the search box or contact your
municipal tax office.
9. Canada Mortgage and Housing (CMHC) Residential
Rehabilitation Assistance Program (RRAP) Grants
This federal program provides financial aid to qualifying low-income
home owners to repair substandard housing. Eligible repairs include
heating, structural, electrical, plumbing and fire safety. Grants are available
for seniors, persons with disabilities, owners of rental properties and
owners creating secondary and garden suites.
1.800.668.2642 | 604.873.7408
10. CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, a 10%
premium refund and possible extended amortization without surcharge
when buyers purchase an energy efficient mortgage or make energy saving
11. Energy Saving Mortgages
Financial institutions offer a range of mortgages to home buyers
and owners who make their homes more energy efficient. For example,
home owners who have a home energy audit within 90 days of receiving
an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300
to their RBC account.
12. Low Interest Renovation Loans
Financial institutions offer ‘green’ loans for home owners
making energy efficient upgrades. Vancity’s Bright Ideas personal loan
offers home owners up to $20,000 at prime + 1% for up to 10 years for
‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest
rate for a fixed rate installment loan over $5,000 or a $100 renovation on
a home energy audit on a fixed rate installment loan over $5,000. For
information visit your financial institution.
www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com Search ‘energy saver loan’.
13. LiveSmart BC: Efficiency Incentive Program
Home owners improving the energy efficiency of their homes
may qualify for cash incentives through this provincial program
provided in partnership with Terasen Gas, BC Hydro, and FortisBC.
Rebates are for energy efficient products which replace gas and oil furnaces,
pumps, water heaters, wood stoves, insulation, windows, doors,
skylights and more. The LiveSmart BC program also covers $150 of the
cost of a home energy assessment, directly to the service provider.
14. BC Residential Energy Credit
Home owners and residential landlords buying heating fuel
receive a BC government point-of-sale rebate on utility bills equal to
the provincial component of the HST.
or Google Search ‘Residential Energy Credit rebate program.’ It's the first result.
15. BC Hydro Appliance Rebates
Mail-in rebates of $25 - $50 for purchasers of ENERGY STAR
clothes washers, refrigerators, dishwashers, or freezers until March 31,
2011, or when funding for the program is exhausted.
16. BC Hydro Fridge Buy-Back Program
This ongoing program rebates BC Hydro customers $30 to
turn in spare fridges in working condition.
17. BC Hydro Windows Rebate Program
Pay no HST when you buy ENERGY STAR high-performance
windows and doors. This offer is available until March 31, 2011.
18. BC Hydro Mail-in Rebates/Savings Coupons
To save energy, BC Hydro offers rebates including 10 %
off an ENERGY STAR cordless phone. Check for new offers and
19. Fortis BC (formerly Terasen Gas) Rebate Program
A range of rebates for home owners include a $50 rebate for
upgrading a water heater, $150 rebate on an Ener-Choice fireplace (both
good until March 31, 2011) and a $1,000 rebate for switching to natural
gas (from oil or propane) and installing an ENERGY STAR heating
system (good until February 29, 2012).
20. Terasen Gas Efficient Boiler Program
For commercial buildings, provides a cash rebate of up to 75%
of the purchase price of an energy efficient boiler, for new construction
21. City of Vancouver Solar Homes Pilot
This rebate of $3,000 (about 50% of the cost) is for a
Vancouver home owner upgrading to a solar hot water system from a
gas system. Offered by the City of Vancouver, SolarBC, Terasen Gas
and Offsetters on a first come, first served basis until March 2011 or
until the City reaches its target of 30 solar homes.
22. City of Vancouver Rain Barrel Subsidy Program
The City of Vancouver provides a subsidy of 50% of the cost
of a rain barrel for Vancouver residents. With the subsidy, the rain barrel
costs $75. Buy your rain barrel at the Transfer Station at 377 W. North
Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of
www.vancouver.ca Search ‘rain barrel program.’
Other municipalities have similar offers.
23. Vancity Green Building Grant
In partnership with the Real Estate Foundation of BC, Vancity
provides grants up to $50,000 each to qualifying charities, not-for-profit
organizations and co-operatives for projects which focus on building
renovations/retrofits, regulatory changes that advance green building development,
and education to increase the use of practical green building
24. Local Government Water Conservation Incentives
Your municipality may provide grants and incentives to residents
to help save water. For example, the City of Coquitlam offers residents
a $100 rebate and the City of North Vancouver, District of North
Vancouver, and District of West Vancouver offer a $50 rebate when
residents install a low-flush toilet.
Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.
25. Local Government Water Meter Programs
Your municipality may provide a program for voluntary water
metering, so that you pay only for the amount of water that you use. Delta,
Richmond and Surrey have programs and other municipalities may soon
Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.