TOP GRANTS & REBATES FOR RESIDENTIAL PROPERTY OWNERS
1) HOME BUYERS PLAN - Eligible home buyers can withdraw up to $25k (couples can withdraw $50k!) from their RRSP’s for their downpayment.
2) GST REBATE ON NEW HOMES – Buyers of new construction homes can apply for a 5% GST rebate if the purchase price is $350k, and between $350k and $450k there is a proportional rebate. Anything $450k and above is nil.
3) BC PROPERTY TRANSFER TAX (PTT) EXEMPTION FOR FIRST TIME BUYERS – Eligible first time home buyers may be exempt from paying the PTT, which is 1% on the first $100k and 2% on the remainder of the purchase price, up to $475k. There is a proportional exemption for homes priced between $475k and $500k, with no exemption applicable beyond $500k.
4) BC HOME OWNER GRANT – Reduces property taxes for homeowners with assessed values up to $1.1M.
5) HOME ADAPTATIONS FOR INDEPENDENCE (HAFI) – Provides up to $20k to help low-income seniors and disabled homeowners & landlords to finance modifications to their home to increase accessibility and safety.
6) CITY OF VANCOUVER RAIL BARREL SUBSIDY PROGRAM – The City of Vancouver offers a 50% subsidy on the cost of a rain barrel for residents. Other municipalities have similar offers.
7) BC HYDRO APPLIANCE REBATES – Mail-in rebates are applicable for buyers of ENERGY STAR cloths washers, fridges and freezers. BC Hydro also rebates customers $30 to turn in spare fridges in working condition.
8) FORTISBC REBATE PROGRAM FOR HOMES – eligible buyers can receive up to $300 rebate for purchasing an Enerchoice fireplace, or up to $1k off an ENERGY STAR water heater or switching to natural gas from oil or propane.
9) HOME OWNER GRANT LOW-INCOME GRANT SUPPLEMENT PROGRAM – a supplement for low-income seniors for homes assessed up to $1.1M.