Home Buyers’ Plan
Canada Revenue Agency’s Home Buyers' Plan lets qualifying home buyers use up to $25,000 of their Registered Retirement Savings Plan (RRSP) to buy a home. Couples can use up to $50,000. The home must be a principal residence, the home buyers must not have owned a home within the past five years and the loan must be repaid with 15 years.
Disabled home buyers upgrading to a more accessible home also qualify as do relatives helping disabled home buyers. Home buyers who have already used the plan and have fully repaid their RRSP may be eligible to use the plan a second time.
Canada Revenue Agency, Home Buyers’ Plan 1-800-959-8287
First-Time Home Buyers’ Tax Credit
This federal non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation.
It’s calculated by multiplying the lowest personal income tax rate for the year by $5,000.
Canada Revenue Agency, www.cra.gc.ca/hbtc 1-800-959-8281
GST Rebate on New Homes
New home buyers can apply for a rebate of 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, GST-New housing rebate 1-800-959-8287
BC Property Transfer Tax (PTT)
Home buyers in BC pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder up to $425,000.
First-time home 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. Buyers can’t have previously owned a home anywhere in the world.
BC Ministry of Finance, Property Transfer Tax, 250-387-0604
BC Property Tax Deferment Programs
Qualifying home owners aged 55+ may be eligible to defer property taxes.
Qualifying low-income home owners may be eligible to defer property taxes.
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 Finance, Enter “Property Tax Deferment” in Search box
Home Adaptations For
This program is jointly funded by the federal and provincial governments.
The HAFI program offers financial assistance to low-income seniors and low-income persons with disabilities to support accessibility modifications that will promote continued safe and independent living. The assistance is available to eligible home owners and tenants.
BC Housing, 1-800-407-7757
BC Home Owner Grant
Reduces property taxes for home owners with an assessed value up to $1,295,000. The basic grant gives home owners:
• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver, and Fraser Valley regional districts
• an additional grant of $200 to rural homeowners elsewhere in the province
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war verterans of certain wars
BC Ministry of Finance, Home Owner Grant
PST Residential Energy Credit
Home owners and residential landlords buying heating fuel will receive a provincial goverment point-of-sale rebate on utility bills equal to the PST of 7%.
Home owners and landlords who buy energy not separately metered, for example, in a cooperative, and who don't receive the credit on their utility bill, can apply to the provincial government for the credit.
Residential Energy Credit and Rebate Program
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 PST of 7%.
Energy Credit, 1-877-388-4440
The City of
For info: Barrel Composter
Local Government Water Conservation Incentives
Your municipality may provide grants and incentives to residents to help save water. For example, the City of
For info visit your local municipality’s website and search “toilet rebate”
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 you use. Delta,
For info: Visit your municipality’s website and enter ‘water meter’ to see if there is a program.
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 efficient audit within 90 days of receiving an
BC Hydro Rebates/Savings
Fridge buy-back: $30 to turn in spare fridges in working condition.
Appliance rebate: save on selected ENERGY
Lighting: switch to ENERGY
Home electronics: televisions and other electronics identified with Power Smart messaging use significantly less energy than standard products.
For info: BC Hydro - Rebates and Savings
Fortis BC Rebate Program
A range of rebates for home owners include a $75 rebate for upgrading to an ENERGY
Fortis BC, 1-888-224-2710
Fortis BC Program for Businesses
For commercial buildings, provides a cash rebate of up to $60,000 for the purchase price of an energy efficient boiler, up to $15,000 for the purchase of a high-efficiency water heater, and receive funding towards a new construction energy study.
Fortis BC 1-866-884-8833
Low Interest “Green” Loans
Vancity’s Bright Ideas home renovation loan
Offers home owners up to $20,000 at prime + 1% for up to 10 years for green renovations.
Offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000.
Offers home buyers a special rate on qualifying green properties.
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 home or make energy savings renovations.
For info: visit Vancity,