It seems like just the other day we announced a new perk for new home buyers in BC (it was!), and today we’re bringing you more great news, in the form of a New Home buyers bonus worth up to $10,000.
Here’s the rundown:
The B.C. government has announced plans to implement a temporary BC First-Time New Home Buyers’ Bonus, effective February 21, 2012, to March 31, 2013.
The bonus is a one-time refundable personal income tax credit, calculated at 5% of purchase price, worth up to $10,000.
So who qualifies as a first time new home buyer? Well you do if you fit these guidelines…
- 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
- 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
- You intend to live in the home as your primary residence
Check out the Fact Sheet for all the nitty gritty details about the bonus.
With all the news lately it seems like everything is coming up roses for the BC building industry. What’s your opinion on this new rebate? Weigh in over on our forums or in the comments!