Home Buyers’ Plan
Registered Retirement Savings for down payments
Canada Revenue Agency’s Home Buyers' Plan lets qualifying home buyers use up to $25,000 of their RRSP to buy a home. Couples can use up to $50,000.
- The home must be a principal residence
- The buyers must not have owned a home within the past five years
- The loan must be repaid with 15 years.
Green Home
High ratio mortgages on green properties
CMHC is offering a 10% refund on the Mortgage Loan Insurance premium to qualifying home owners who use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient. You may also be eligible to extend the amortization period (up to a maximum of 30 years) without a premium surcharge.
First-Time Home Buyers' Tax Credit
This is a non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation.
You can claim the amount of $5,000 on Line 369 for the purchase of a qualifying home.
GST Rebate on New Homes
New home buyers can apply for a rebate of the GST if the purchase price is less than $350,000. The rebate is up 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.
BC Property Transfer Tax (PTT)
Home buyers in BC pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder.
First-time home 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 between $475,000 and $500,000. At $500,000 and above the rebate is nil.
2015 Tax Calculator
