Top Grants and Rebates for British Columbia (BC) Real Estate cost saving programs for Professional real estate investors, home/property buyers and owners. British Columbia (BC) Real Estate property owners can take advantage using following grants and rebates. Professional real estate investors have been using these grants and rebates in British Columbia (BC) to have better cash flow and save money.
Top Grants and Rebates for British Columbia (BC) Real Estate programs one must use especially in British Columbia (BC), Canada to claim their rebates and grants.Some of the following programs apply in British Columbia (BC) and other applies all across Canada.
Home Buyers’ Plan: Registered Retirement Savings for down payments.Canada Revenue Agency’s Home Buyers’ Plan lets qualifying home buyers use up to $25,000 of their Registered Retirement Savings Plan (RRSP) to buy a home. Couples can use up to $50,000. The home must be the principal residence, the home buyers must not have owned a home within the past five years and the loan must be repaid with 15 years.
Disabled home buyers upgrading to a more accessible home also qualify as do relatives helping disabled home buyers. Home buyers who have already used the plan and have fully repaid their RRSP may be eligible to use the plan a second time.This program is available all across Canada.
Contact:Canada Revenue Agency 1-800-959-8287
First-Time Home Buyers’ Tax Credit
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation.It’s calculated by multiplying the lowest personal income tax rate for the year by $5,000.
Contact: Canada Revenue Agency
http://www.cra.gc.ca/hbtc
1-800-959-8281
GST Rebate on new homes
New home buyers can apply for a rebate of the 5% GST if the purchase price is $350,000 or less. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Contact: Canada Revenue Agency,GST-New housing rebate 1-800-959-8287
British Columbia (BC) Property Transfer Tax (PTT)
Home buyers in British Columbia (BC) pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder.First-time home buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $475,000. There is a proportional exemption for between $475,000 and $500,000. At $500,000 and above the rebate is nil.
Contact :BC Ministry of Finance,Property Transfer Tax 250-387-0604
British Columbia (BC) property tax deferment programs
Seniors
Qualifying home owners aged 55+ may be eligible to defer property taxes.
Financial hardship
Qualifying home owners may be eligible to defer property taxes.
Families with children
Qualifying home owners who financially support children under age 18 may be eligible to defer property taxes.
Contact:British Columbia (BC) Ministry of Finance,Property tax deferment programs
and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.
British Columbia (BC) Home Owner Grant
Reduces property taxes for home owners with an assessed value of up to $1,100,000. The basic grant gives home owners:
• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver, and Fraser Valley regional districts
• an additional grant of $200 to rural homeowners elsewhere in the province
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and verterans of certain wars
Contact: British Columbia (BC) Ministry of Finance,Home Owner Grant Or contact your local municiple tax office.
Home Adaptations for Independence (HAFI)
A program jointly funded by federal and provincial governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer.
Contact:British Columbia (BC) Housing 604-433-2218, 1-800-257-7756
Rain barrel subsidy programs
Many Metro Vancouver municipalities offer rain barrels for sale, often at a discount for their residents:
Burnaby – $70
Coquitlam – $72
Richmond – $30
Contact: Your municipalities in British Columbia (BC)
Local Government water conservation incentives
Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet.
Contact:Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.
Local Government water meter programs
Your municipality may provide a program for voluntary water metering so that you pay only for the amount of water you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow.
Contact : Visit your municipality’s website and enter ‘water meter’ to see if there is a program.
British Columbia (BC) Hydro rebates/savings for the home
Fridge buy-back: $30 to turn in spare fridges in working condition.
Appliance rebate: save on selected ENERGY STAR clothes washers, refrigerators, and freezers from $25 to $75. Next rebate period is October 2014.
Lighting: switch to ENERGY STAR LEDs, CFLs and lighting fixtures.
Home electronics: televisions and other electronics identified with Power Smart messaging use significantly less energy than standard products.
Contact: British Columbia (BC) Hydro 1 866-522-4713
British Columbia (BC) Hydro – Rebates and Savings
British Columbia (BC) Hydro Power Smart Partner program for business
The Power Smart Partner program partners British Columbia (BC) Hydro with BC’s largest commercial, government and institutional customers (who spend $200,000 or more/year on Hydro). Customers gain access to a wide range of energy management programs, tools and incentives.
Contact: British Columbia (BC) Hydro 1 866-522-4713
BC Hydro Power Smart Express (PSX) for business
The PSX program partners BC Hydro with BC’s largest commercial, government and institutional customers (who spend $200,000 or more/year on Hydro). The program provides incentives for various technologies, including lighting, cooking and refrigeration appliances.
Contact: British Columbia (BC) Hydro 1 866-522-4713
FortisBC rebate program for homes
Rebates for home owners include:
• $300 rebate for buying an EnerChoice® fireplace
• up to $1,000 off an ENERGY STAR® water heater
• $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR® heating system
Contact: FortisBC,1 800-663-8400
FortisBC rebate program for businesses
For commercial buildings, provides:
• a rebate of up to $45,000 for the purchase of an energy efficient boiler
• up to $15,000 for the purchase of a high-efficiency water heater
• funding towards a new construction energy study
Contact: FortisBC 1 800-663-8400
Energy Conservaton and Assistance Program
BC Hydro and FortisBC offer free energy assessments and energy saving products to low-income customers. Qualified contractors will install upgrades ranging in value from $300 to $5,000 depending on the need of the home.
Contact: BC Hydro, FortisBC
Energy Savings Kit Program
BC Hydro and FortisBC offer low-income customers a free energy saving kit containing products to help save energy and money.
Contact: BC Hydro, FortisBC
Home Energy Rebate Offer
British Columbia (BC) Hydro and FortisBC offer home owners rebates for various upgrades and improvements, including insulation, draftproofing, space heating systems, water heating systems and ventilation.
These improvements can reduce the average residential customer’s energy bill by 30%. There is a bonus offer for completing three or more of certain upgrades. Total value of available rebates is almost $6,000 per household.
Contact: BC Hydro, FortisBC
Financial institutions – energy-related savings
RBC’s Energy Saver Mortgage
Home owners who have a home energy audit within 90 days of receiving a RBC Energy Saver Mortgage may qualify for a rebate of $300.
RBC’s Energy Saver Loan
Offers a 1% interest rate discount or a $100 rebate on a home energy audit with a qualifying purchase through a fixed rate loan over $5,000
BMO Eco Smart Mortgage
Offers home buyers a special rate on qualifying green properties.
Vancity’s Bright Ideas home renovation loan
Offers home owners up to $20,000 at prime + 1% for up to 10 years for green renovations.
CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy savings renovations.
Contact : CMHC 1-800-668-2642 or visit your financial institution
Home Repair Programs:
Alberta Residential Access Modification Program (RAMP) – used for low to moderate individuals who need to adapt their homes for a wheelchair. http://www.seniors.gov.ab.ca/housing/family_special/supportive_housing/existing_programs/index.asp#RAMP
Emergency Repair Program (ERP)
This program provides a grant up to $6,000 for repairs such as wood stoves, chimneys, foundation, fire protection, etc.
http://www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_005.cfm
Home Adaptations for Seniors’ Independence (HASI)
The program provides low-income seniors 65 years and older a forgivable loan for adaptations such as handrails, grab bars, deadbolts, lowering kitchen cupboards, etc. Funds are also available to the owners of rental units.
http://www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_004.cfm
Homeowner Residential Rehabilitation Assistance Program – Homeowner RRAP
This program is for low-income individuals regardless of the age of the occupants. The program provides an income-based forgivable loan.
http://www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm
Residential Rehabilitation Assistance Program (RRAP) — Secondary/Garden Suite
This program is to assist in the creation of affordable housing for low-income seniors and adults with a disability by providing financial assistance to convert/develop existing residential properties.
http://www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_002.cfm
More programs:These are few programs and there are lot more incentives, tax credits, rebates and real estate grants available for Canadians.You can learn more about forgivable Canadian Business and real estate grants at GovernmentGrantsCanada.ca
DISCLAIMER
We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.
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