1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.

Canada Revenue Agency

www.cra.gc.ca Enter ‘Home Buyers’ Plan’ in the search box.

1.800.959.8287

2. GST Rebate on New Homes

New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. At $450,000 and above the rebate is nil.

Canada Revenue Agency

www.cra.gc.ca Enter ‘RC4028’ in the search box.

1.800.959.8287

3. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil.

BC Ministry of Small Business and Revenue www.sbr.gov. bc.ca/business/Property_Taxes/ Property_Transfer_Tax/ptt.htm

250.387.0604 

Source: The Real Estate Board of Greater Vancouver