Get Form Fin 56: First Time Home Buyers' Exemption Claim Year End ... - Sbr Gov Bc

Under the previous regulations, first-time homebuyers were exempt from paying PTT on the first $500,000 of a home's value, provided the property did not exceed $500,000 in total value. Effective April 1, 2024, the exemption threshold will be raised to $835,000.

New home buyers can apply for a rebate of up to a maximum of 36% of the tax if the purchase price is $350,000 or less. A partial GST rebate is available for new homes costing between $350,000 and $450,000.

Tax Credit in General For first time homebuyers, there is a refundable credit equal to 10 percent of the purchase price up to a maximum of $8,000 ($4,000 if married filing separately).

Property owned by the federal or provincial government is fully exempt from property taxes for all purposes: section 125 of the Constitution Act. Property o​wned by a municipality is fully exempt from property taxes for all purposes: section 220(1)((b) of the Community Charter; and section 131(1) of the School Act.

BC Property Transfer Tax Rates Purchase Price of HomeProperty Transfer Marginal Tax Fee First $200,000 1.0% $200,000 to $2,000,000 2.0% $2,000,000 to $3,000,000 3.0% Over $3,000,000 5% for residential properties, 3% for commercial properties Apr 2, 2024

Qualifying criteria are diverse. For example, the BC definition of a first time home buyer is very strict: a person who has never owned or had an interest in a home anywhere in the world. However, the federal definition is more lenient and includes people who haven't owned a home in the past four years.

A few qualifiers include having the minimum down payment required. Your maximum qualifying income must be no more than $120,000 and your total borrowing is limited to 4 times the qualifying income. If you meet these criteria, you can then apply for a 5% or 10% shared equity mortgage with the Government of Canada.

New home buyers can apply for a rebate of up to a maximum of 36% of the tax if the purchase price is $350,000 or less. A partial GST rebate is available for new homes costing between $350,000 and $450,000.