Cost Saving Program

Top Grants And Rebates For Property Buyers And Owners

Some of these grants and rebates can change. Please contact Dana Panchyshyn for further review. 

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
For information:
Home Buyers' Plan
1-800-267-6999

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

For information:
More Information

1-800-959-8281

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
For information:
GST-New housing rebate
1-800-959-8287

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
For information:
Property Transfer Tax
250-387-0604

5. BC Property Tax Deferment Programs

Seniors
Qualifying home owners aged 55+ may be eligible to defer property taxes.

Financial hardship
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
For information:
Property tax deferment programs
and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

1-888-355-2700

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.

Basic grant:

• 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
For information: 
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.

For information: 
BC Housing
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.

Fortis BC

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.

For information: 
Barrel
Composter

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.

For information: 
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.

For information: 
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 Saver^TM Mortgage may qualify for a $300 rebate credited to their RBC account.

For information: 
RBC Energy-Saver Mortgage
1-800-769-2511

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.

For Information:

1.877.740.0055

BC Hydro

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.

Learn More:

1 800.663.8400

Fortis BC

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.

For information: 
Fortis BC
1 866-884-8833

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

Vancity
RBC
CMHC  1-800-668-2642
BMO

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.

For Information:

http://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/seniors-renovation

Toll-free 1.800.959.8281

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.

For Information:

https://www.bchydro.com/powersmart/residential/savings-and-rebates/savings-based-on-income/free-energy-savings-kit.html

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.

For Information:

https://www.bchydro.com/news/press_centre/news_releases/2015/big-rebates-on-appliances.html

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.

For Information:

https://www.fortisbc.com/Rebates/RebatesOffers/RentalApartmentEfficiencyProgram/Pages/default.aspx

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.

For Information:

https://www.bchydro.com/powersmart/residential/tools-and-calculators/track-your-electricity-use.html?WT.mc_id=F17EVP_myhydrologin

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.

For Information:

http://vancouver.ca/news-calendar/new-fund-to-spur-energy-efficiency-upgrades-for-buildings.aspx

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.

For Information Contact chris.higgins@vancouver.ca

http://vancouver.ca/news-calendar/city-launches-thermal-imaging-pilot-program.aspx

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.

For Information:

1.800.474.6886

27. Business Energy Saving Incentives

Provides financial incentives to organizations that replace inefficient technologies with energy efficient technologies.

For Information:
1.800.474.6886

https://www.bchydro.com/powersmart/business/programs/express.html

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.

For Information:

1.888.355.2700

http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/exemptions/newly-built-home-exemption/exemption-amounts

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.

For Information:

604.731.5733

https://www.cmhc-schl.gc.ca/en/co/moloin/moloin_008.cfm

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.

For Information:

https://www.bchousing.org/housing-assistance/bc-home-partnership