There are many great tax programs out there for first time and repeat home buyers. Below is a list of some of the tax savings and incentives. 

Home Buyers’ Plan: Registered Retirement Savings for down payment

Canada Revenue Agency’s Home Buyers' Plan lets qualifying home buyers to use up to $25,000 of their Registered Retirement Savings Plan (RRSP) to buy a home. Couples can use up to $50,000. The home must be the principal residence, the home buyers must not have owned a home within the past five years and the loan must be repaid with 15 years. A person qualifies as a first time home buyer if they have not owned a home for 4 years.

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.

Canada Revenue Agency

For information:
Home Buyers' Plan


First-Time Home Buyers' Tax Credit

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation.

It’s calculated by multiplying the lowest personal income tax rate for the year by $5,000.

Canada Revenue Agency
For information: 

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.

Canada Revenue Agency
For information:
GST-New   housing rebate

BC Property Transfer Tax (PTT)

Home buyers in 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 $500,000. There is a proportional exemption for between $500,000 and $525,000. At $525,000 and above the rebate is nil.

BC Ministry of Finance
For information:
Property   Transfer Tax

BC property tax   deferment programs

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

Financial hardship
Qualifying homeowners may be eligible to defer property taxes.

Families with   children
Qualifying homeowners who financially support children under age 18 may be eligible to defer property taxes.

BC Ministry of Finance
For information:
Property tax deferment programs
and enter ‘Property tax deferment’   in the search box or contact your municipal tax office.

BC Home Owner Grant

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

• 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 homeowners elsewhere in the province
 • an additional grant of $275 to seniors aged 65+, those who are permanently disabled and veterans of certain wars

BC Ministry of Finance
For information: 
Home Owner Grant
Or contact your local municipal tax   

BC New Home Property Transfer Tax Exemption

The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you
purchase a newly built home. This exemption can save buyers up to $13,000 in property transfer tax when purchasing a newly constructed or subdivided home worth up to $750,000.

To qualify, the property (land and improvement) transfer must be registered at the Land Title Office after February 16, 2016, and you must be:

  • -an individual
  • -a Canadian citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) or  proof of permanent residency and your birthdate)

and the property must:

  • -be located in B.C.
  • -only be used as your principal residence
  • -have a fair market value of $750,000 or less
  • -be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption if the property:

Find out the amount of your exemption if you qualify.


BC PPT information: 
PPT Exemption
Or contact your local municipal tax   

Information Courtesy of the Vancouver Real Estate Board