A guide for home buyers

Chapter 12 – Special Tax Discounts

Home Owner Grant:

The basic grant can reduce your property tax by as much as $570 per year. To be eligible for the grant, you must meet the following criteria:

1. You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia.
2. You are the registered owner or eligible occupant of the home. The home must be located within the province.
3. The home is your principal residence -where you live and conduct your daily activities. The grant does not apply to summer cottages, second homes or rental properties.

Spouses who live together, including those who are married or who live together in a marriage-like relationship, including same-gender partners, can qualify for a grant on only one residence in the province in a calendar year. Spouses who live apart can each claim a grant on their principal residence if they have a written separation agreement or a court order recognizing the separation.

First Time Home Buyer Tax Credit:

This is a one time tax credit that you receive the year you purchase your first home. You can claim an amount of $5,000 on your personal income for the purchase of a home if both of the following apply:

• you buy a qualifying home; and
• you are a qualified first time home buyer
This tax credit saves you up to $750.