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BC First-Time New Home Buyers' Bonus

The provincial government announced today a potential tax savings up to $500 for new home buyers when they purchase a newly built home, effective for agreements written today until the HST is removed on April 1, 2013.  Details are as follows:

 

The new BC First-Time New Home Buyers' Bonus will be a temporary one-time refundable income tax credit for first-time home buyers who purchase a newly constructed home. The credit will be calculated as five per cent of the purchase price of the home up to a maximum credit of $10,000.

 

The credit will be phased out at a rate of 20 per cent of net income in excess of $150,000 for single individuals and at a rate of 10 per cent of family net income in excess of $150,000 for couples. Only one credit can be claimed per home.

 

The credit will be available on purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale is entered into on or after Feb. 21, 2012.

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Mug Rob Mug Lee

ROB DION, BBA
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Cell: 1 (250) 575-5255
robdion@royallepage.ca

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LEE IVANS, BBA
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Cell: 1 (250) 575-5455 leeivans@royallepage.ca
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