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Top Grants and Rebates for Property Buyers and Owners (Part 2 of 5)

1 First-Time Home Buyers’ Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2012) x $5,000. For the 2013 tax year, the maximum credit is $750.

Canada Revenue Agency

www.cra-arc.gc.ca/tx/ndvdls/ tpcs/ncm-tx/rtrn/cmpltng/ddctns/ lns360-390/369/menu-eng.html

1.800.959.8281

2  BC Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,100,000. The basic grant gives home owners:

• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;

• an additional grant of $200 to rural homeowners elsewhere in the province; and

• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/ hog or contact your municipal tax office.

3  BC Property Tax Deferment Programs:

- Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.

- Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.

- Property Tax Deferment Program for Families with Children. Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property taxes.

BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca/ individuals/Property_Taxes/ Property_Tax_Deferment/ptd.htm 

Source: The Real Estate Board of Greater Vancouver

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