Subject to approval by the legislature first-time new home-buyers in B.C. may become eligible for an added $10,000 bonus on top of the B.C. HST new housing rebate buyers are already getting. What does this mean? This means more savings on new homes for first-time home-buyers.
In order to be eligible for the first-time new home buyer bonus the purchaser must meet the following criteria:
- Looking to purchase a new home within BC.
- Has never owned a primary residence.
- Has or will be filing a 2011 BC resident personal tax income return.
- Purchaser must be eligible for the BC HST New Housing Rebate.
- Intends to use the home as a primary residence.
Not only does the purchaser have criteria to meet but so does the home.
- A written agreement of purchase and sale must be entered into on or after February 21, 2012.
- HST must be payable on the home (HST will generally be payable on new homes if ownership of the home transfers before April 1, 2012.)
- No other parties have claimed a bonus on the home.
Learn more about this exciting new bonus such as the requirements to qualify, amount of bonus, application process and more by clicking here.