Look for Marc LaCouvée's monthly article in every edition of The Beacon Magazine (www.eyesonbc.com)!
5 WAYS FOR PARKSVILLE-QUALICUM HOME BUYERS TO SAVE MONEY, PLUS ONE MORE!
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4. GST Rebate on New Homes
New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. For more information, contact the Canada Revenue Agency at 1-800-959-8281.
5. BC New Housing HST Rebate
Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion of the HST (the 7% PST), paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250. For more information, contact the Canada Revenue Agency at 1-800-959-8281.
And here’s one more way for you to save money!
6. BC Property Transfer Tax (PTT) Exemption for First-Time Home Buyers
Home buyers in BC pay a provincial Property Transfer Tax (PTT) 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. However, first-time home buyers may be exempt from paying the PTT on the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. Qualifying buyers can’t have previously owned a home anywhere in the world. For more information, contact the BC Ministry of Small Business and Revenue at 250-387-0604.
If you are looking for more information about how you can save money when buying a home, I would love to help you. You can reach me easily by phone (250-752-2466) or email (firstname.lastname@example.org).
Source: British Columbia Real Estate Association
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