What’s Taxable & What’s Not
The What’s Taxable and What’s Not list is updated.
Grant for New Secondary or Recreational Housing
Effective April 1, 2012, a grant of up to $42,500 for the provincial component of the Harmonized Sales Tax (HST) is available for individuals who either:
purchased new residential housing, or substantially renovated housing for use as a secondary or recreational residence, or
newly constructed or substantially renovated a home (e.g. by the owner) for use as a secondary or recreational residence.
To qualify, the HST must be paid or payable (whichever is earlier) on or after April 1, 2012 and before April 1, 2013. Your application must be received by the ministry within six months of this date and prior to October 1, 2013.
Additional qualifications apply. For full details, see the notice Guide to the Grant for New Secondary or Recreational Housing (HST Notice #13) (PDF) (This page is been moved, for more information contact your municipality)
B.C. First-Time New Home Buyers’ Bonus
The B.C. First-Time New Home Buyers’ Bonus is a one-time payment worth up to $10,000.
B.C. residents who are first-time home buyers and who purchase an eligible new home on or after February 21, 2012 and before April 1, 2013 may be eligible for this bonus.
A first-time home buyer is an individual who has never previously owned a primary residence anywhere in the world.
A primary residence is generally a house that you own, jointly or otherwise, and that you intend to live in on a permanent basis. You may have more than one place of residence, but you are considered to have only one primary residence. B.C. HST New Housing Rebate… Click here for more details.
First Time Home Buyer Transfer tax exemption
The First Time Home Buyers’ Program provides a property transfer tax exemption to eligible first time home buyers. This guide explains the requirements to qualify for an exemption or a refund, and the requirements for the first year of ownership.
First Time Home Buyer Qualifications
You qualify as a first time home buyer if:
You are a Canadian citizen, or a permanent resident as defined by the Immigration and Refugee Protection Act (Canada),
You have lived in British Columbia(BC) for 12 consecutive months immediately before the date you register the property, or you have filed 2income tax returns as a BC resident during the 6 years before the property registration date,
You have never owned an interest in a principal residence anywhere in the world at any time (a principal residence is the usual place where an individual lives), and
You have never received a first time home buyers’ exemption or refund. Property Transfer Tax and the First Time Home Buyers’ Program.