Programs to save you money

Photo: buywiseconsulting.com

This is a busy time of year, but it is also a good time to review your finances by knowing what resources, grants and rebates are available for new and current home owners.

Here’s a list of 10 of these programs, but there are probably close to 30 currently available.

BC Property Transfer Tax (PPT) First-Time Home Buyers Program: 
Qualifying first-time home buyers may be exempt from paying the PTT of one per cent on the first $200,000 and two per cent on the remainder of the purchase price of a resale home priced up to $525,000.

Home Buyers’ Plan:
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs to assist with the purchase of a home. The funds are not required to be used only for the down payment but for other purposes to assist in the purchase of a home such as paying off debts or to pay closing costs.

First-Time Home Buyers’ Tax Credit (HBTC): Eligible individuals who bought a qualifying home in 2018 can claim the home buyers’ amount of $5,000 when filing their 2018 income tax return. For 2018 the maximum tax credit is $750.

BC Seniors’ Home Renovation Tax Credit:
Assists eligible seniors 65 plus 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.

CMHC Green Home:
If you buy, build, or renovate for energy efficiency using CMHC-insured financing, you could receive a 15 per cent rebate for building a home to Energy Star standards or up to 25 per cent for building a home to R-2000 building standards.

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.

Home Adaptations for Independence (HAFI):
A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low income seniors and disabled home owners and landlords finance modifications to their homes to make them accessible and safer. This program will provide up to $20,000 in financial assistance; either as a grant or a forgivable loan. Landlords are also eligible for this program.

BC Home Owner Grant:
Reduces property taxes for home owners with an assessed value up to $1,650,000. The basic grant is $570 and an additional grant of $200 to rural home owners. There is also an additional grant of $275 to seniors aged 65 plus and veterans of certain wars.

BC Property Tax Deferment Programs:
Qualifying home owners aged 55+ can defer some or all of your property taxes. Qualifying low-income home owners can defer property taxes and qualifying home owners who financially support children under the age of 18 can defer property taxes.

Heritage Grants Program:
Maintaining older homes can be costly, but preserving our heritage is important, so Kelowna provides grants to owners of buildings with a Heritage Designation a maximum of $12,500 per three-year period and buildings listed on the Kelowna Heritage Register a maximum of $7,500 per three-year period to help with the costs incurred in exterior conservation work.

If you would like further information on any of these programs or other programs that might be available in your area, please let me know.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.