BC First-Time New Home Buyers Bonus

June 14, 2012 | By

Good news recently for first-time homebuyers! On May 31 of this year, representatives from the Provincial Government announced that the Legislation enabling the BC First-Time New Home Buyers’ Bonus was passed.

Eligible first-time new homebuyers are now able to apply for the bonus – but what does this mean in general, and for you specifically?

Basically the BC First-Time New Home Buyers’ Bonus is a one-time bonus payment worth up to $10,000 for first-time new homebuyers in BC. Applicants can receive a cheque of up to $10,000 -if they qualify- and the amount of the bonus is not taxable.

As with any government-funded program, there is a myriad of criteria in order to receive this bonus, some of which includes as follows:

First-Time New Home Buyer Qualifications

• To be eligible you must be first-time homebuyers – an individual who has never previously owned a primary residence anywhere in the world;

• For couples, neither the individual nor the spouse or common law partner can have previously owned a primary residence anywhere in the world;

• In the case of multiple buyers of a home, each buyer must be a first-time home buyer having never owned a primary residence anywhere in the world;

• The claimant must file a BC resident personal income tax return for 2011 or if the claimant moves to BC after December 31, 2011, must file a 2012 BC resident personal income tax return;

• Individuals or families who move to BC after December 31, 2012 will not be eligible.

***in addition to the BC First-Time New Home Buyers’ Bonus you may also be eligible for the Property Transfer Tax First Time Home Buyers’ Program.

Further to the above, there is a fair bit of other criteria involving the type of new home, whether the home was renovated or not, when it was listed and bought in conjunction to the passing of this bonus, whether or not you built the home yourself, etc. So ensure you review the entire checklist before you run out to purchase your new home in anticipation of receiving this bonus. Homework is key. If you do in fact qualify for all the necessary criteria, fill in the form below to apply for your bonus.

In a real estate marketplace that is sometimes too costly for a lot of people to purchase a home, this is exactly the incentive and backing a first-time buyer needs!

http://www.sbr.gov.bc.ca/documents_library/forms/0520fill.pdf

 

Filed in: Buying and Selling Real Estate, Home Owner Tips | Tags: , ,

About the Author (Author Profile)

Andrew is a West Coast enthusiast through and through. He is a native of the area that you will often find adventuring on one of the many sea to sky activities that abound in the Fraser Valley. Along with being in love with the place he calls home, Andrew is a well known and respected Realtor focusing on helping others to find their own perfect home in Langley, Surrey, White Rock and beyond! Visit www.yourperfecthomebc.ca to find your perfect home.

Comments are closed.