THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS

Publication Date:

July 6, 2012

The B.C. First-Time New Home Buyers' Bonus is a new temporary measure designed to provide tax relief during the transition period back to the PST for families and individuals who are purchasing their first home and will assist the residential construction industry by encouraging purchases of newly constructed homes.

The bonus will be available in respect of purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale was entered into, on or after February 21, 2012 and before April 1, 2013.

Requirements to Qualify for the Bonus

You will qualify as a first-time new home buyer if:

· You purchase or build an eligible new home located in B.C.;

· You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;

· In the case of multiple buyers of a home, each buyer must be a first-time home buyer having never owned a primary residence anywhere in the world;

· You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);

· You are eligible for the B.C. HST New Housing Rebate; and

· You intend to live in the home as your primary residence.

You can find more information here [1]:

Application for First-Time New Home Buyers' Bonus [2]

Factsheet for First-Time New Home Buyers' Bonus [3]

Ministry of Finance FAQ on Bonus Program [4]

More Information on Buying a Home [5]

Links:
[1] http://www.sbr.gov.bc.ca/individuals/income_taxes/personal_income_tax/tax_credits/fthb_bonus.htm
[2] http://www.sbr.gov.bc.ca/individuals/Income_Taxes/Personal_Income_Tax/tax_credits/fthb_bonus_forms.htm
[3] http://www.hstinbc.ca/media/Factsheet_FirstTimeNewHome.pdf
[4] http://www.sbr.gov.bc.ca/individuals/Income_Taxes/Personal_Income_Tax/tax_credits/fthb_bonus_faqs.htm
[5] http://www.hstinbc.ca/buying_goods/buying_a_home/new_home_purchases