Grants & Rebates

If you’re looking to make a real estate decision, it’s good to know that there are a lot of options available to you for cost saving programs.

1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $35,000 (couples can withdraw up to $70,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.
What is the Home Buyers’ Plan (HBP)? – Canada.ca

2. BC Property Transfer Tax Newly Built Home Exemption

Qualifying buyers of new homes may be exempt from paying the PTT 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 new homes priced $750,000 to $800,000.

First time home buyers’ program – Province of British Columbia (gov.bc.ca)

3GST 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 per cent of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. At $450,000 and above the rebate is nil.
For more information call 1.800.959.8287 or go to Canada Revenue Agency www.cra.gc.ca and enter ‘RC4028’ in the search box.
GST/HST New Housing Rebate – Canada.ca

4. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1 per cent on the first $200,000 and 2 per cent on the remainder of the purchase price of a home priced up to $500,000. There is a proportional exemption for homes priced up to $525,000. Over $525,000 you would pay the full PTT.

First time home buyers’ exemption amounts – Province of British Columbia (gov.bc.ca)

5. Newly built home exemption (PTT)

Qualifying first-time buyers may be exempt from paying the PTT of 1 per cent on the first $200,000 and 2 per cent on the remainder of the purchase price of a newly built home priced up to $750,000. There is a proportional exemption for homes priced up to $800,000.

Newly built home exemption – Province of British Columbia (gov.bc.ca)

6First-Time Home Buyers’ Tax Credit (HBTC)

Eligible individuals who bought a qualifying home in 2021 can claim the home buyers’ amount of $5,000 on line 31270 of Schedule 1 when filing their income tax and benefit returns. For 2021, the maximum home buyers tax credit (HBTC) is $750, which is calculated by multiplying the home buyers amounts of $5,000 by the federal non-refundable tax credit rate of 15% (equal to the lowest personal income tax rate for the year).

Line 31270 – Home buyers’ amount – Canada.ca

In the 2022 Budget, the Gov’t is proposing increasing the Home Buyers Amount to $10,000 which will give you a $1,500 tax credit for homes purchased after Jan. 1, 2022.
First-Time Home Buyers’ Tax Credit Explained [2022 Update] – Savvy New Canadians

7. B.C. Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,600,000. This is claimed on your annual Property Tax form.
The basic grant gives home owners:

  • a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
  • an additional grant of $200 to rural homeowners elsewhere in the province; and
  • an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

Home owner grant – Province of British Columbia (gov.bc.ca)

8. B.C. Property Tax Deferment Programs

  • Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.
  • Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.
  • Property Tax Deferment Program for Families with Children. Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property tax

Apply for or renew a property tax deferment program application – Province of British Columbia (gov.bc.ca)

9. Home Renovation Tax Credit for Seniors and Persons with Disabilities

Assists eligible seniors 65+, persons with disabilities or persons living with persons with disabilities, 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 at 10% of the qualifying renovation expense (maximum $10,000)
Home renovation tax credit for seniors and persons with disabilities – Province of British Columbia (gov.bc.ca)

10. BC Rebate for Accessible Home Adaptations (BC RAHA)

A program jointly sponsored by the provincial and federal governments provides up to $17,500 to help eligible low-income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer. The program is on a first come, first served basis and the program will close on March 31, 2023 (or until funds are exhausted)
BC Rebate for Accessible Home Adaptations (BC RAHA) (bchousing.org)

 

ENERGY AND WATER REBATES

11. CMHC Mortgage Loan Insurance Premium Refund for a Green Home

Provides home buyers with CMHC mortgage insurance, a 25% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations.
For more information go to www.cmhc.ca or call 604-731-5733.

CMHC Green Home| CMHC (cmhc-schl.gc.ca)

12. Energy Saving 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 audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account.
BMO Smart Mortgage™ rewards customers for making energy efficient choices.  For more information call your bank.

13. Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. VanCity’s Home Energy loan and RBC’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.

14. ENERGY STAR Appliance Rebates

BCHydro power smart and various municipalities are offering $100 mail-in rebates to home owners buying ENERGY STAR clothes dryers and refrigerators.
Rebates for energy-efficient products (bchydro.com)

15. Energy Conservation and Assistance Program

BCHydro and FortisBC offer free energy assessments and energy saving products to income-qualifying households for upgrades ranging of $300 – $5,000. Visit https://www.fortisbc.com/Rebates/RebatesOffers/EnergyConservationAssistanceProgram/Pages/default.aspx

or https://www.bchydro.com/powersmart/residential/savings-and-rebates/savings-based-on-income/free-product-install-and-advice.html

16. FortisBC Rebate Program

A range of rebates for home owners include a $75 rebate for upgrading to an ENERGY STAR clothes washer, $300 rebate on an Ener-Choice fireplace, $300 rebate when you install an EV car charger and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system.
For more information go to www.fortisbc.com/NaturalGas/Homes/Offers/Pages/default.aspx or call 1-888-224-2710.

17. FortisBC Rebate Program for Businesses

For commercial buildings, provides a rebate for the purchase of an energy efficient boiler, the purchase of a high-efficiency water heater and receive funding towards a new construction energy study.
We’ve got rebates (fortisbc.com)

18. Rain Barrel Subsidy Program

Many municipalities are offering a subsidy when purchasing a rain barrel.  Contact your municipality for more info.

19. Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet.
Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

20. 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 that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.

Click here to download information on Cost Saving Programs