Top Grants and Rebates for British Columbia (BC) Real Estate

[Navtaj Chandhoke]

Top Grants and Rebates for British Columbia (BC) Real Estate

Top Grants and Rebates for British Columbia (BC) Real Estate cost saving programs for home/property buyers and owners.

British Columbia (BC) Real Estate property owners can take advantage using following grants and rebates.Professional real estate investors have been using these grants and rebates in British Columbia (BC) to have better cash flow and save money.

Following are few programs one must use especially in British Columbia (BC), Canada.Some of the following programs apply in British Columbia (BC) and other applies all across Canada.

Disabled home buyers upgrading to a more accessible home also qualify as do relatives helping disabled home buyers. Home buyers who have already used the plan and have fully repaid their RRSP may be eligible to use the plan a second time.

This program is available all across Canada.

Contact:Canada Revenue Agency 1-800-959-8287

First-Time Home Buyers’ Tax Credit

This federal non-refundable income tax credit

Contact: Canada Revenue Agency

http://www.cra.gc.ca/hbtc

1-800-959-8281

GST Rebate on new homes

New home buyers can apply for a rebate of the 5% GST if the purchase price is $350,000 or less. The rebate is up to 36% 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.

Contact :Canada Revenue Agency,GST-New housing rebate 1-800-959-8287

British Columbia (BC) Property Transfer Tax (PTT)

Home buyers in British Columbia (BC) pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder.First-time home buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $475,000. There is a proportional exemption for between $475,000 and $500,000. At $500,000 and above the rebate is nil.

Contact :BC Ministry of Finance,Property Transfer Tax 250-387-0604

British Columbia (BC) property tax deferment programs

Seniors

Qualifying home owners aged 55+ may be eligible to defer property taxes.

Financial hardship

Qualifying home owners may be eligible to defer property taxes.

Families with children

Qualifying home owners who financially support children under age 18 may be eligible to defer property taxes.

Contact:British Columbia (BC) Ministry of Finance,Property tax deferment programs

British Columbia (BC) Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,100,000. The basic grant gives home owners:

Contact: British Columbia (BC) Ministry of Finance,Home Owner Grant Or contact your local municiple tax office.

Home Adaptations for Independence (HAFI)

A program jointly funded by federal and provincial governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer.

Contact:British Columbia (BC) Housing 604-433-2218, 1-800-257-7756

Rain barrel subsidy programs

Many Metro Vancouver municipalities offer rain barrels for sale, often at a discount for their residents:

Burnaby – $70

Coquitlam – $72

Richmond – $30

Contact: Your municipalities in British Columbia (BC)

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.

Contact:

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 you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow.

Contact :

British Columbia (BC) Hydro rebates/savings for the home

Fridge buy-back: $30 to turn in spare fridges in working condition.

Appliance rebate: save on selected ENERGY STAR clothes washers, refrigerators, and freezers from $25 to $75. Next rebate period is October 2014.

Lighting: switch to ENERGY STAR LEDs, CFLs and lighting fixtures.

Home electronics: televisions and other electronics identified with Power Smart messaging use significantly less energy than standard products.

Contact: British Columbia (BC) Hydro 1 866-522-4713

British Columbia (BC) Hydro – Rebates and Savings

British Columbia (BC) Hydro Power Smart Partner program for business

Contact: British Columbia (BC) Hydro 1 866-522-4713

BC Hydro Power Smart Express (PSX) for business

Contact: British Columbia (BC) Hydro 1 866-522-4713

FortisBC rebate program for homes

Rebates for home owners include:

Contact: FortisBC,1 800-663-8400

FortisBC rebate program for businesses

For commercial buildings, provides:

Contact: FortisBC 1 800-663-8400

Energy Conservaton and Assistance Program

BC Hydro and FortisBC offer free energy assessments and energy saving products to low-income customers. Qualified contractors will install upgrades ranging in value from $300 to $5,000 depending on the need of the home.

Contact: BC Hydro, FortisBC

Energy Savings Kit Program

BC Hydro and FortisBC offer low-income customers a free energy saving kit containing products to help save energy and money.

Contact: BC Hydro, FortisBC

Home Energy Rebate Offer

British Columbia (BC) Hydro and FortisBC offer home owners rebates for various upgrades and improvements, including insulation, draftproofing, space heating systems, water heating systems and ventilation.

Contact: BC Hydro, FortisBC

Financial institutions – energy-related savings

RBC’s Energy Saver Mortgage

Home owners who have a home energy audit within 90 days of receiving a RBC Energy Saver Mortgage may qualify for a rebate of $300.

RBC’s Energy Saver Loan

Offers a 1% interest rate discount or a $100 rebate on a home energy audit with a qualifying purchase through a fixed rate loan over $5,000

BMO Eco Smart Mortgage

Offers home buyers a special rate on qualifying green properties.

Offers home owners up to $20,000 at prime + 1% for up to 10 years for green renovations.

CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy savings renovations.

Contact : CMHC 1-800-668-2642 or visit your financial institution

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You can learn more about forgivable Canadian Business and real estate grants at GovernmentGrantsCanada.ca

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