BC First-Time Buyer Property Transfer Tax (PPT) Exemption

First-time buyers in BC can apply for a reduction of property taxes if they meet the following requirements:
  • The purchase does not exceed $475,000
  • There is a partial exemption for purchases from $475,000- $500,000
  • The property will only be used as your principal residence
  • The land is smaller than 0.5 hectares (1.24 acres) or smaller
  • You must be a Canadian Citizen or permanet resident and never owned an interest in a principal residence anywhere in the world

For more information visit: http://www.sbr.gov.bc.ca/documents_library/bulletins/PTT_003.pdf

First-time Home Buyers' Tax
Credit (HBTC)

If you are buying your first home you can apply for this tax credit. The credit is calculated by the lowest personal income tax rate (15%) mulitiplied by $5,000. The highest possible credit is $750. 

For more information visit: http//www.cra-arc.bc.ca/gncy/bdgt/2009/fqhbtc-eng.html

RRSP Home Buyers' Plan (HBP)
The Home Buyers plans allows you to withdraw up to $25,000 from a Registered Retirement Savings Plan (RRSP) to use towards your down payment.

For more information go to the CRA website: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

GST/HST New Housing Rebate
If you are purchasing a new home under $350,000, the GST Rebate is reduced from 5% to 3.5%. There are partial rebates for new purchases between $350,000, and $450,000,

For more information visit: http//www.servicecanada.gc.ca/eng/goc/gst_new_housing.shtml