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B.C. First-Time New Home Buyers’ Bonus – Consult with a Vancouver Mortgage Broker

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B.C. First-Time New Home Buyers’ Bonus

Vancouver Mortgage BrokerIf you just bought first home in Vancouver between February 21, 2013 and before April 1, 2013 you could be eligible for a one time B.C. First Time Home Buyers Bonus for as much as $10,000!

Who Qualifies For the First Time Home Buyers’ Bonus?

The first requirement that must be met to qualify for this bonus is that you, the buyer, must be an individual who has never owned a home or primary residence before – and that means not just in B.C., but anywhere in the world.

To qualify for this one time bonus you must also meet the following additional qualifications which include:

·         Whether you are single, have a spouse or a common-law partner, or the home purchase involves multiple partners then you and/or your spouse, common law partner or other partners must all be a first time home buyer.

·         The house you purchase or are building must be located in the province of B.C.

·         You must have filed a 2011 resident personal income tax return as a B.C. resident or a 2012 B.C. resident personal income tax return. You will not be eligible for this bonus if you moved to B.C. anytime after December 31, 2012.

·         You must also be eligible for B.C. HST New Housing Rebate, and you must also be using your home as the primary residence.

·         You cannot claim for the bonus if someone else has claimed the bonus for the home as it can only be claimed once.

Which New Homes Are Eligible?

The new home you buy must also meet the following qualifications including:

  • Any newly constructed home or one which has received substantial renovations which you have bought from a builder. The term “substantial renovations” means that 90% or more of the interior must have been removed or replaced.

  • Any home which was built by the owner.

Homes which are eligible for the bonus include both detached and semi-detached homes, townhouses and duplexes, any residential condo unit or residential units in a coop housing unit, and also includes mobile and floating homes.

Qualifications for Constructed and Renovated Homes

For a newly constructed or renovated home to qualify you must also meet the following criteria which includes:

  • You must have a written agreement of purchase and sale during the period on or after February 21, 2012 and before April 1, 2013.

  • The home requires that HST is payable

  • Possession or ownership of the home must be transferred before April 1, 2013.

 For owner-built homes the same written agreement of purchase and sales dates apply, and the home must be substantially completed or occupied before April 1, 2013.

The amount of bonus will be dependent on the income of either the single purchaser or couple, or partners.

To claim the bonus you must first have claimed the B.C. HST Housing Rebate. Once you have done so you can the claim the bonus by completing the Application for the B.C. First-Time Home Buyers Bonus which is also know as the FIN 520 form Bonus Calculation (For single home buyers), or the FIN 520A form if you are a couple.

You will also have to provide proof of tax assessment returns for the applicable years, a copy of the applicable GST/HST Housing Rebate application, and a copy of the signed purchase and sales agreement for the home.

The final due date to apply for the bonus must be on or before March 31, 2015.

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