1. Home Buyers’ Plan
Qualifying home buyers can withdraw up to $25,000 (couples can
withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who
have repaid their RRSP may be eligible to use the program a second time. Canada
Revenue Agency. Learn more or to participate in the Home Buyers’
Plan or call
1.800.959.8287
2. GST 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% of the GST to a
maximum rebate of $6,300. There is a proportional GST rebate for new homes
costing $350,000 - $450,000. There is no rebate for homes priced at $450,000
and above. Canada Revenue Agency. Enter ‘RC4028’ in the search box. 1.800.959.8287
3. BC Property Transfer Tax (PTT)
First-Time Home Buyers’ Program
Qualifying first-time 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 homes priced
between $475,000 and $500,000. At $500,000 and above the rebate is nil. Learn more.
1.250.387.0604
4. First-Time Home Buyers’ Tax Credit
(HBTC)
A federal non-refundable income tax credit for qualifying buyers
of detached and attached homes, apartment condominiums, mobile homes or shares
in a cooperative housing corporation. The calculation: multiply the lowest
personal income tax rate for the year (15% in 2014) x $5,000. For the 2015 tax
year, the maximum credit is $750.Learn more.
1.800.959.8281
5. 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:
- 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 home owners 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.
Learn more or
contact your municipal tax office.
6. BC 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 home owners who
financially support children under age 18 may be eligible to defer
property taxes.
Learn more.
1-888-355-2700
7. 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 to finance modifications to their homes to
make them accessible and safer. Learn more.
604.433.2218 or toll-free 1.800.257.7756
8. BC Seniors’ Home Renovation Tax Credit
Assists eligible seniors 65+ with the cost of certain permanent
home renovations to a principal residence to improve accessibility or help a
senior be more functional or mobile at home. The maximum amount of the
refundable credit is $1,000 per tax year and is calculated as 10% of the
qualifying renovation expense (maximum $10,000 in expenses). Learn more. Canada Revenue Agency or
toll-free 1.800.959.8281
9. 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 saving renovations.
Learn more.
604.731.5733
10. Energy Saving Mortgages
Financial institutions offer a variety of mortgages to home
buyers and owners making their homes 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. Learn more. 1.800.769.2511
11. Low Interest Renovation Loans
Financial institutions offer ‘green’ loans for home owners
making energy efficient upgrades. Vancity Home
Energy Loan personal loan offers home owners up to
$50,000 at prime + 1% for up to 15 years for energy efficient
renovations. 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.
12. Heritage Energy Retrofit Grant
(Pilot Program)
Grants of up to $3,000 per household to assist with energy
retrofits for Vancouver homes built before 1940 and homes listed on the
Vancouver Heritage Register. This pilot runs to August 31, 2016. It is
sponsored by Vancouver Heritage Foundation and the City of Vancouver
Sustainability Group with assistance from City Green Solutions. Qualifying retrofits
include insulation, air sealing, window repairs and storm windows, and high
efficiency forms of heating and hot water. Learn more. Terms/Conditions Grant
application
13. Energy Conservation and Assistance
Program
BC Hydro and FortisBC offer
free energy assessments and energy saving products to income-qualifying
households. Qualified contractors will install upgrades ranging in value from
$300 to $5,000 depending on the need of the home.
14. Fortis New Home Energy Rebate Offer
Fortis and BC Hydro customers can receive rebates when building
ENERGY STAR new homes of when installing high-efficiency natural gas
fireplaces. Learn more.
15. Smart Thermostat Pilot Program
City of Vancouver and Vancity are offering a $125 rebate for a
home owner purchasing 1 of 3 smart thermostats which automatically controls the
climate in your home. This pilot program runs to December 2016. Learn more.smartthermostats@vancouver.ca
16. Home Energy Rebate Offer
BC Hydro and FortisBC offer home owners rebates for
upgrades and improvements, including insulation, space and water heating
systems and ventilation to reduce the average customer’s energy bill by 30%.
There is a bonus offer for completing three or more of certain upgrades. Total
value of available rebates: $5,300 per
household. Learn more.
17. Energy Savings Kit Program
BC Hydro and FortisBC offer income-qualifying customers a free
energy saving kit containing products to help save energy and money. Learn more.
18. ENERGY STAR Appliances
BC Hydro Power Smart and various municipalities are offering
$100 mail-in rebates to home owners buying ENERGY STAR® clothes dryers and
refrigerators. Coquitlam, New Westminster, North Vancouver City, North
Vancouver District, Richmond, Vancouver and West Vancouver are participating.
Learn more.
19. FortisBC Rebate Program for Homes
Rebates for home owners including a $300 rebate for purchasing
an EnerChoice fireplace, or up to $1,800 off an ENERGY STAR water heater, or a
$1,000 rebate for switching to natural gas (from oil or propane) and installing
an ENERGY STAR heating system. Total value of available rebates: $5,300 per
household. Learn more.
1.800.663.8400
20. Fortis Rebate for Rental apartment
buildings
In October 2015, FortisBC launched the Rental Apartment
Efficiency Program for owners and managers of rental apartment buildings nine
units and larger. The program includes a water-efficient shower head and a
kitchen and bathroom faucet aerator directly installed in each unit,
a building energy assessment and ongoing professional assistance.
Learn more and FAQ’s.
21. Rain Barrel Subsidy Programs
Many Metro Vancouver municipalities offer rain barrels for sale,
often at a discount for residents. Richmond sells
them for $30. Burnaby sells
them for $70. Coquitlam sells
them for $72. West Vancouver sells
them for $55. Other municipalities have similar offers.
22. Water Wise Kits
Many Metro Vancouver municipalities offer water wise kits and
other tools for reducing home water consumption including Burnaby, Coquitlam, Delta,
23. Local Government Water Conservation
Incentives
Your municipality may provide grants and incentives to residents
to help save water.
Toilets: North Vancouver City, North Vancouver
District, and the District of West Vancouver offer a $50
rebate when residents install a low-flush toilet. Richmond offers
a $100 utility rebate. Visit your municipality’s website and enter ‘toilet
rebate’ to see if there is a program.
Clothes washers: replace your old
clothes washer with a new, high efficiency ENERGY STAR clothes washer and
receive a $100 or $200 rebate from Richmond.
24. 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. Burnaby (scroll
down), Delta, Richmond and West Vancouver 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.
To download the PDF Facts Sheet on Top Grants and Rebates Click Here >>
(Source: REBGV)
