March 31st Deadline ~ $10,000 BC 1st Time New Home Buyers' Bonus

B.C. First-Time New Home Buyers' Bonus

 
The B.C. First-Time New Home Buyers’ Bonus is a one-time payment worth up to $10,000.  B.C. residents who are first-time home buyers and who purchase an eligible new home on or after February 21, 2012 and before April 1, 2013 may be eligible for this bonus. 

A first-time home buyer is an individual who has never previously owned a primary residence anywhere in the world. A primary residence is generally 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.

Qualifications

  • You purchase or build 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 are eligible for the BC HST New Housing Rebate
  • You intend to live in the home as your primary residence
  • No one else has claimed a bonus for the home

Eligible New Homes Include

  • new homes (i.e. newly constructed & 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.

Eligible homes include detached houses, semi-detached houses, duplexes and townhouses, residential condominium units, mobile homes and floating homes, and residential units in a cooperative housing corporation.

Bonus Calculation

The bonus is equal to 5% of the purchase price of the home or, in the case of owner-built homes, 5% of the land and construction costs subject to HST.  The maximum bonus is $10,000.

The bonus is reduced based on an individual’s/couple’s net income (line 236 of your income tax return) using the following formula.

  • For single individuals, the bonus is reduced by 20¢ for every dollar in net income over $150,000.  The bonus is reduced to zero at $200,000 income.
  • For couples, the bonus is reduced by 10¢ for every dollar in family net income over $150,000.  The bonus is reduced to zero at $250,000 family net income.

For more information, please visit the following link:

http://www2.gov.bc.ca/gov/topic.page?id=0778BC0286DC4B1DAFEF090568064BB0

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