BC First-Time New Home Buyers’ Bonus – LIMITED TIME OFFER!

February 21, 2013 | By

BC residents who are first-time homebuyers, and who purchase an eligible new home on or after February 21, 2012 and before April 1, 2013 – may be eligible for a $10,000 New Home Buyers Bonus!

If you have never previously owned a primary residence anywhere in the world, this could mean you.

A primary residence is a house that you own, jointly or otherwise, and that you intend to live in on a permanent basis. You may have more than one place of residence, but you are considered to have only one primary residence.

What Are The Qualifications?

• You purchased or built an eligible new home in B.C.

• You and your spouse or common-law law partner are first-time home buyers

• In the case of multiple buyers of a home, each buyer is a first-time home buyer

• You file a 2011 B.C. resident personal income tax return or, if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal tax return (you are not eligible for the bonus if you move to B.C. after December 31, 2012)

• You intend to live in the home as your primary residence

• No one else has claimed a bonus for the home

Criteria For Eligible New Homes

• new homes (i.e. newly constructed and substantially renovated homes) that are purchased from a builder

• owner-built homes

A substantially renovated home is one where all, or substantially all, of the interior of the building has been removed or replaced. Generally, 90% or more of the interior must be renovated to qualify.

Criteria For Newly Constructed or Renovated Homes

• a written agreement of purchase and sale is entered into on or after February 21, 2012 and before April 1, 2013,

• HST is payable on the purchase, and

• ownership or possession of the home is transferred before April 1, 2013.

Claiming the Bonus

If you claimed the B.C. HST New Housing Rebate, you can apply for the bonus by completing the Application for the B.C. First-Time New Home Buyers’ Bonus (FIN 520) (PDF).

So if you’re looking for a home to buy, my advice – buy now. This is great incentive to get out off the fence and into the market. Feel free to contact me with any further questions you might have!

 

 

 

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.

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