So, you're thinking about buying your first home and you've heard there might be a couple of great incentives to help you get in the market. Well, check out this short clip where Alex explains the top 4 first time buyer benefits in BC and Canada.
As we discussed in the clip above, here are 4 different benefits of being a first time buyer!
1) RRSP - As part of the Home Buyers Plan you may be eligible to withdraw up to $25,000 from your RRSP for the use of your downpayment (TAX FREE). A couple of quick points about the program:
- You must be an "Eligible" First Time Buyer - CLICK HERE to find out if you're eligible.
- Each Applicant who is a First Time Buyer can contribute $25,000
- For all other questions please CLICK HERE.
2) Property Transfer Tax - As part of BC's First Time Home Buyers' Program you may be eligible to have your PTT waived if your purchase price is $500,000 or less, along with the following conditions:
Has a fair market value less than:
- $500,000 if registered on or before February 21, 2017, or
- $525,000 if registered on or after February 22, 2017
- is larger than 0.5 hectares
- has another building on the property other than the principal residence
3) $750 Rebate - You're likely eligible for $750 Tax Back as part of the First Time Buyers Tax Credit on your income taxes!
So, how do you claim the Tax Credit?
All you have to do is enter $5,000 on LINE 369 on your tax return, or let your accountant know that you bought your first home!
To be eligible for this rebate you must:
- you or your spouse or common-law partner acquired a qualifying home; and
- you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).
4) BC Home Partnership Loan - First time buyers in BC have the opportunity to gain a downpayment assistance from the BC government in order to top up or increase their downpayment through the BC Partnership Loan Program.