Priscilla  Pizarro

Priscilla Pizarro

Personal Real Estate Corporation

Team 3000 Realty Ltd.

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(604)-202-2330
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Ways Buyers and Owners Can Save

When purchasing a home it’s easy to get carried away with excitement. You start picking out paint colors and décor in your head, maybe for men it's picking out your new beer fridge for your man cave. At this point, you’ve already saved up your down payment, got your financing in order and are well on your way to making your new home a “home”.  But then, here comes the costs. Money to pay the movers, money to fix up your property, money for the emergency fund and so on, and so forth. The list goes on... Your house is one of the most valuable, yet expensive purchases you will ever make. It’s your biggest asset, but it’s not always easy to maintain so here’s a list of Grants and Rebates that can help you as a buyer or a homeowner.

Home Buyer’s Plan: RRSP - As a qualified buyer you can use to $25,000 of your RRSP’s to buy a home, for couples it increases to $50,000  (CRA 1-800-267-6999)

GST Rebate on New Homes – Buyers who purchased a home for $350,000 or less can apply for a rebate of 36% of the 5% GST paid on the home up to a maximum of $6,300. Buyers who purchased between $350,000 to $450,000 can still apply for a portion of this but unfortunately, no rebates are available for homes above $450,000 (CRA 1-800-959-8287)

BC Property Transfer Tax – First time home buyers are excepted up to $475,000; $475,000 to $500,000 is proportional and above $500,000 is unfortunately not applicable. If you are buying a new home (newly built or subdivided) the exemption increases to $750,000 with a proportional exemption for homes between $750,000 - $800,000 (BC Ministry of Finance 250-387-0604)

BC Home Owner Grant – Grants given to first time home buyers, rural homeowners and Seniors 65+ reducing their yearly property taxes for their home (Contact your local Municipal Tax Office)

BC Property Tax Deferment Programs: Deferment programs are available for Seniors (55+), Financial Hardships (low-income homeowners), Families with Children under 18 years of age (BC Ministry of Finance 1-800-355-2700)

HAFI (Home Adaptations for Independence) - $20,000 to help eligible low-income seniors and disable homeowners to make modifications for accessibility and safety (BC Housing 1-800-257-7756)

BC Home Owner Mortgage and Equity Partnership Program – Allows qualified first-time buyers to borrow their 5% down payment of a home with a max of $37,500 (HOME visit https://www.bchousing.org/housing-assistance/bc-home-partnership)

BC Senior’s HOME Renovation Tax Credit – up to a max of $1000 credit for eligible seniors 65+ for home improvements for accessibility & mobility based on 10% of the qualifying renovation expense (CRA 1-800-959-8281)

 

 

This blog is written and supported with the help of: www.PriscillaSellsBC.com & Homelife Glenayre Realty - Mission

1 - 32540 Logan Ave Mission BC V2V 6G3

604-202-2330 or Office 604-826-2699

PriscillaSellsBC@gmail.com

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Cheers!

Priscilla

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