Cost Saving Program
Top Grants And Rebates For Property Buyers And Owners
1. 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.
Canada Revenue Agency
Home Buyers' Plan
2. First-Time Home Buyers' Tax Credit (HBTC)
Eligible individuals who bought a qualifying home in 2016 can claim the home buyers' amount of $5,000 on line 369 of Schedule 1 when filing their 2016 income tax and benefit returns. For 2016, the maximum home buyers' tax credit (HBTe) is $750, which is calculated by multiplying the home buyers' amount of $5,000 by the federal non-refundable tax credit rate of 15% (equal to the lowest personal income tax rate for the year). 1.800.959.8281
Canada Revenue Agency
3. GST Rebate on New Homes
New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing $350,000 - $450,000. There is no rebate for homes priced at $450,000 and above.
Canada Revenue Agency
GST-New housing rebate
4. BC Property Transfer Tax (PTT)
Home buyers in 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 up to $425,000. 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 homes priced up to $500,000. Buyers can’t have previously owned a home anywhere in the world.
BC Ministry of Finance
Property Transfer Tax
5. BC Property Tax Deferment Programs
Qualifying home owners aged 55+ may be eligible to defer property taxes.
Qualifying low-income home owners may be eligible to defer property taxes.
Families with children
Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property taxes.
BC Ministry of Finance
Property tax deferment programs
and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.
6. BC Home Owner Grant
Reduces property taxes for home owners with an assessed value up to $1,600,000. Is reduced $5 for each $1,000 and eliminated homes assessed at $1,714,000 or $1,754,000 in northern/rural areas.
• up to $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
• an additional grant of $200 to rural home owners elsewhere in the province; and
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and veterans of certain wars. arn
contact your municipal tax office.
BC Ministry of Finance
Home Owner Grant
Or contact your local municiple tax office.
7. Home Adaptations for Independence (HAFI)
This program is jointly funded by the federal and provincial governments.
The HAFI program offers financial assistance up to $20,000 to low-income seniors and low-income persons with disabilities to support accessibility modifications that will promote continued safe and independent living. The assistance is available to eligible home owners and tenants.
604-433-2218 / 1-800-257-7756
8. Energy Conservation And Assistance Program
BC Hydro and FortisBC offer free energy assessments and energy saving products to incomequalifying
households for upgrades ranging of $300 to $5,000.
9. Fortis BC New Home Energy Rebate Offer
FortisBC and BC Hydro customers can receive rebates when building ENERGY STAR new homes or
installing high-efficiency natural gas fireplaces.
10. City of Vancouver Rain Barrel Subsidy Program
Metro Vancouver municipalities offer rain barrels for sale at a discount for residents: Richmond- $30, Burnaby - $70, Coquitlam - $72, West Vancouver - $55. Other municipalities have similaroffers.
11. Local Government Water Conservation Incentives
Includes: Toilets: North Vancouver District offers a $50 rebate to residents installing a low-flush toilet. Richmond offers a $100 utility rebate. Visit your municipality's website and enter 'toilet rebate: Clothes washers: replace your old clothes washer with a new, high efficiency ENERGY STAR clothes washer and receive a $100 or $200 rebate from Richmond.
Visit your municipality’s website and enter ‘toilet rebate' to see if there is a program.
12. 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.
Visit your municipality’s website and enter ‘water meter' to see if there is a program.
13. Energy-Saver Mortgages
Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy efficient audit within 90 days of receiving an RBC Energy SaverTM Mortgage may qualify for a $300 rebate credited to their RBC account.
RBC Energy-Saver Mortgage
14. Home Energy Rebate Offer
BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space & water heating systems and ventilation to reduce your energy bill. Includes a bonus offer for completing 3+ upgrades. Total value of available rebates: $5,300 per household.
15. FortisBC Rebates For Homes
Rebates for home owners include a $300 rebate for purchasing an EnerChoice fireplace, or up to$1,800 off an ENERGY STAR water heater, or a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system. Total value of available rebates: $5,300 per household.
16. 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 and receive funding towards a new construction energy study.
17. Low Interest renovation 'Green' Loans
Financial institutions offer 'green' loans for home owners making energy efficient upgrades, for example, Vancity Home Energy Loan and RBe's Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000.
For information visit your financial institution.or
18. BC Seniors' Home Renovation Tax Credit
Assists eligible seniors 65+ with the cost of some permanent home renovations to a principal residence to improve accessibility. The maximum refundable credit is $1,000 per tax year and is calculated as 10% of the qualifying renovation expense (maximum $10,000). Forms are available online.
19. Energy Savings Kit (FREE)
BC Hydro and FortisBC offer income-qualifying customers a free energy saving kit containing products to help save energy and money.
20.Energy Star Appliances
BC Hydro Power Smart and various municipalities are offering $100 mail-in rebates to home owners buying ENERGY STAR clothes dryers and refrigerators. Coquitlam, New Westminster, North Vancouver City, North Vancouver District, Richmond, Vancouver and West Vancouver are participating.
21. Fortis BC Rebate For Rental Apartment Buildings
The Rental Apartment Efficiency Program for owners and managers of rental apartment buildings of 9 or more units includes a water-efficient shower head and a kitchen and bathroom faucet aerator, an energy assessment and ongoing professional assistance.
22. Join The Power Smart Team
Become a member of Team Power Smart and start a challenge to reduce your electricity use by 10% over the next year. If you're successful you'll earn a $50 reward.
23.Building Energy Retrofit Funds
The City of Vancouver's $1 million fund includes a $150,000 grant to the Vancouver Heritage Foundation for retrofits to pre-1940s homes, a new Home Energy Efficiency Empowerment Program for 675 homeowners to evaluate energy efficiency, and a $1 million to a Green Landlord Program to help non-market apartment building owners and operators reinvest in buildings and reduce energy costs.
24. Water Saving Kits
Metro Vancouver municipalities offer water saving kits to reduce water use including Burnaby, Coquitlam, and Delta.
25.Vancouver Thermal Imaging Program
A new program to help detached homeowners identify heat loss and connect them with energy-saving incentives. Neighbourhoods piloting the program include Strathcona, Hastings Sunrise, Dunbar-Southlands, Riley Park and Victoria Fraserview.
26.Leaders In Energy Management Program
Partners BC Hydro with Be's largest commercial, government and institutional customers (who spend $200,000 or ore/year on Hydro). Customers gain access to energy management programs, tools and incentives.
27. Business Energy Saving Incentives
Provides financial incentives to organizations that replace inefficient technologies with energy efficient technologies.
28. BC Property Transfer Tax Newly Built Home Exemption
Qualifying buyers of new homes may be exempt from paying the PTI on a newly built home or newly subdivided unit priced up to $750,000, saving buyers up to $13,000; and a partial exemption on newly built homes priced $750,000 to $800,000.
29. CMHC Mortgage Loan Insurance Premium Refund - Energy Efficient Housing
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 saving renovations.
30. BC Home Owner Mortgage and Equity (HOME) Partnership Program
Offers qualifying first-time buyers with a down payment, a matching down payment loan of up to 5% of the purchase price to a maximum of $37,500 on a home priced up to $750,000. The loan is interest-free and payment-free for 5 years. Then buyers can repay their loan or make monthly payments at prevailing interest rates. Loans are due after 25 years.