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THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS
Subject to approval by the legislature, the B.C. government intends to implement a temporary BC First-Time New Home Buyers’ Bonus. Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal income tax credit worth up to $10,000.
Requirements to Qualify for the Bonus
ELIGIBLE FIRST-TIME NEW HOME BUYER
You will qualify as a first-time new home buyer if:
- You purchase or build an eligible new home located in B.C.;
- You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;
- You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);
- You are eligible for the B.C. HST New Housing Rebate; and
- You intend to live in the home as your primary residence.
Additional requirements after you apply
To keep the tax exemption, you must have:
- Moved into your home within 92 days of the date the property was registered
- Continuously occupied the property as your principal residence up to the first anniversary of the registration date
You may keep part of the exemption if you moved out before the end of the first year.
If the owner passed away, or the property is transferred because of a separation agreement or a court order under the Family Law Act before the first anniversary of the registration date, you still qualify to keep the tax exemption.
NEW BUILD
If you registered a vacant lot and built your own home that's affixed to the property, to keep the tax exemption:
- The fair market value of the property at registration plus the cost to build your home must be less than $525,000
- You must have built and moved into your home within the first anniversary from the registration date
- You must have continued to occupy the property as your principal residence to a date no earlier than the first anniversary of the registration date
You may keep part of the exemption if you moved out before the end of the first year.
If the owner passed away, or the property is transferred because of a separation agreement or a court order under the Family Law Act before the end of the first year, you still qualify to keep the tax exemption.
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