The BC First-Time New Home Buyers’ Bonus is a one-time payment worth up to $10,000. This is for BC residents who are first time home buyers and who purchase an eligible home between Feb 21, 2012 to April 1, 2013.
What does eligible home mean – your purchased or built a NEW home and this included detached houses, semi-detached houses, duplexes and townhouses, residential condominium units, mobile homes and floating homes, and residential units in a cooperative housing corporation.
Or a substantially renovated home is one where all, or substantially all, of the interior of the building has been removed or replaced. Generally, 90% or more of the interior must be renovated to qualify.
The bonus is equal to 5% of the purchase price of the home or, in the case of owner-built homes, 5% of the land and construction costs subject to HST. The maximum bonus is $10,000.
The bonus is reduced based on an individual’s/couple’s net income (line 236 of your income tax return) using the following formula.
For single individuals, the bonus is reduced by 20¢ for every dollar in net income over $150,000. The bonus is reduced to zero at $200,000 income.
For couples, the bonus is reduced by 10¢ for every dollar in family net income over $150,000. The bonus is reduced to zero at $250,000 family net income.
Claiming the Bonus
If you claimed the B.C. HST New Housing Rebate, you can apply for the bonus by completing the Application for the B.C. First-Time New Home Buyers’ Bonus (FIN 520) (PDF).
If you are married or have a common-law spouse, your spouse must complete the Schedule A – Certificate B.C. First-Time New Home Buyers’ Bonus (FIN 520A) (PDF). In the case of multiple buyers of a new home, the other co-owners must also complete the Schedule A.
For details of the program click here.