www.preigcanada.com

A forum to discuss Real Estate deals, Education and Network
It is currently Tue Jun 19, 2018 4:39 pm

All times are UTC - 5 hours




Post new topic Reply to topic  [ 1 post ] 
Author Message
PostPosted: Thu Jan 04, 2018 12:51 pm 
Offline

Joined: Wed Mar 29, 2006 5:04 pm
Posts: 3863
B.C. homeowner grant threshold raised to $1.65M

The basic homeowner grant is $570 and will be automatically calculated based on property tax notices. The amount rises to $770 if the home is in a northern or rural area; up to $845 for seniors and people with disabilities; and up to $1,045 for people who meet a combination of those criteria.

Only homes used as an owner's primary residence are eligible for the grant.

Image

Seniors, people with disabilities and others earning a low income can also apply to supplement their grants that have been reduced or eliminated for 2018 due to a high assessed value, and people over the age of 55 or who are supporting dependent children can apply for a property tax deferment.

The province estimates the grants will return $825 million to homeowners in 2018, an amount that the government reimburses to municipalities.

BC Home Owner Grant
If you qualify for the home owner grant, you must apply each year to receive it. You must apply every year because the previous year’s information may be out of date if your residential circumstance has changed. This may affect your qualifications for the grant.

Submit your application to the office that sent your property tax notice.

A home owner grant application is included with your property tax notice. If you don’t have your tax notice, contact your municipality or the province if you live in a rural area, apply online, or use the Home Owner Grant Application (FIN 78) (PDF).


Image

Only one qualifying owner can claim a grant for a property each year.

Grant amounts may be higher for homeowners who qualify as a senior, veteran or person with a disability. The homeowner who meets these qualifications must be the one who applies in order to receive the higher grant amount for that residence.

Anyone with your permission can apply on your behalf. However, if you pay your property taxes through your financial institution, your financial institution will not apply for the home owner grant on your behalf.

Separated Spouses
If you and your spouse are separated and living apart, you may be able to claim the home owner grant for each of your principal residences. You must have either a written agreement signed by both you and your spouse stating that you have agreed to live apart or a court order recognizing your separation.

Deceased Owner

You can apply for the home owner grant for a property that is still registered in the name of a deceased owner or in the name of the executor or administrator of their estate, if you meet the following requirements:

You’re the spouse, child, grandchild, parent, brother or sister of the deceased owner
The deceased owner would have qualified for the home owner grant
You occupied the residence as your principal residence on the date of the owner’s death
The property is still your principal residence
If the owner’s death occurred in the current year, you’ll receive the amount they would have been entitled to.

If the owner’s death occurred in previous years, you’ll receive the amount you qualify for.

When to Apply

Apply for the home owner grant when you receive your property tax notice.

If you’re going to be away when tax notices are mailed, you can apply early with the Home Owner Grant Application (FIN 78) (PDF) and submit it to the office that collects your property taxes. Your application will be processed after tax notices are mailed.

Late payment penalties may apply if your application is not received by the office that sent you your property tax notice before the due date for your taxes. The grant is a form of payment towards your property taxes and it is considered a late payment if you apply late.

However, you can still apply for the home owner grant until December 31 of the current tax year. You can apply even if you haven’t paid your property taxes.

If you qualified for the grant last year and didn’t apply, you may be able to claim the grant retroactively for up to one year.

Image

Required Documentation
Remember to include all required documentation with your application. If any additional documentation is required, the municipal or provincial office that sent your property tax notice will contact you.

How to Submit Your Grant Application
Your home owner grant application must be sent to the municipal or provincial office that sent your property tax notice. You can submit your application using one of the following options:

Online
Mail
In person



Online

The province and some municipalities allow you to apply for the home owner grant online.

If your property is located in a municipality, contact your municipality to find out if and how you can apply online.

If your property is located in a rural area, you can apply online through the Rural Home Owner Grant Application. You’ll need the rural folio number on your 2017 property tax notice.

Mail
Send your application by mail to the address provided on your property tax notice.

In Person
If your property is located in a municipality, you can drop off your completed application at the location(s) listed on your property tax notice. For more information, contact your municipality.

Image

If your property is located in a rural area, you can drop off your application at a Service BC Centre near you.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Search for:
Jump to:  
Powered by phpBB® Forum Software © phpBB Group