Available resources, grants, and rebates
This is a busy time of year, but it is also a good time to review your finances by knowing what resources, grants, and rebates are available for new and current homeowners.
Here’s a list of 10 of these programs, but there are probably close to 30 currently available.
1- BC Property Transfer Tax (PPT) First-Time Home Buyers Program:
Qualifying first-time homebuyers may be exempt from paying the PTT of one percent on the first $200,000 and two percent on the remainder of the purchase price of a resale home priced up to $525,000.
2- Home Buyers’ Plan:
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs to assist with the purchase of a home. The funds are not required to be used only for the down payment but for other purposes to assist in the purchase of a home such as paying off debts or to pay closing costs.
3- First-Time Home Buyers’ Tax Credit (HBTC)
Eligible individuals who bought a qualifying home in 2018 can claim the home buyers’ amount of $5,000 when filing their 2018 income tax return. For 2018 the maximum tax credit is $750.
4- BC Seniors’ Home Renovation Tax Credit
Assists eligible seniors 65 plus with the cost of some permanent home renovations to a principal residence to improve accessibility. The maximum refundable credit is $1,000 per tax year.
5- CMHC Green Home
If you buy, build, or renovate for energy efficiency using CMHC-insured financing, you could receive a 15 percent rebate for building a home to Energy Star standards or up to 25 percent for building a home to R-2000 building standards.
6- BC Property Transfer Tax Newly Built Home Exemption
Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000.
7- Home Adaptations for Independence (HAFI)
A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low-income seniors and disabled homeowners and landlords finance modifications to their homes to make them accessible and safer. This program will provide up to $20,000 in financial assistance; either as a grant or a forgivable loan. Landlords are also eligible for this program.
8- BC Home Owner Grant
Reduces property taxes for homeowners with an assessed value of up to $1,650,000. The basic grant is $570 and an additional grant of $200 to rural homeowners. There is also an additional grant of $275 to seniors aged 65 plus and veterans of certain wars.
9- BC Property Tax Deferment Programs
Qualifying homeowners aged 55+ can defer some or all of your property taxes. Qualifying low-income homeowners can defer property taxes and qualifying homeowners who financially support children under the age of 18 can defer property taxes.
10- Heritage Grants Program
Maintaining older homes can be costly, but preserving our heritage is important, so Kelowna provides grants to owners of buildings with a Heritage Designation a maximum of $12,500 per three-year period and buildings listed on the Kelowna Heritage Register a maximum of $7,500 per three-year period to help with the costs incurred in exterior conservation work.