The BC First Time Home Buyers'Bonus

The BC First Time Home Buyers'Bonus

Are you or someone you know a first time home buyer?  If so, the following information on the new, and temporary, first time home buyers bonus in BC may be of interest to you.

Subject to approval by the Legislature, the B.C. Government has announced plans to implement a temporary BC First-Time New Home Buyers' Bonus.  It will be effective February 21, 2012 to March 31, 2013.  The Bonus is a one-time refundable personal income tax credit worth up to $10,000.

Purchasers will qualify if:

*  You purchase or build an eligible new home located in BC

*   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

*  You intend to live in the homes as your private residence

*  You are eligible for the BC HST new housing Rebate

The bonus which includes detached houses, duplexes, townhouses, condos, mobile homes, floating homes and cooperative housing units, is based on homes where the HST is now payable.  It does not apply to resell homes.

For a list of qualifying homes in Nanaimo please give me a call.