$10,000 First Time Homebuyer BONUS!!!

 

$10,000 First Time Homebuyer 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. Certain restrictions and qualifications do apply – please click the 2 links below to find out more information. And, as always, if you have ANY questions or concerns, please do not hesitate to contact us!

 

Federal Grant :

·         This is a $5,000 income tax credit claimed when filing your annual personal tax return

·         The $5,000 is applied as a tax credit at the basic personal federal tax rate of 15%

·         Accordingly the effective value of the grant is $750

·         The $750 value is applied regardless of the income of the buyer

·         This grant is available to first time buyers, but the home does not need to be brand new

More details on the Federal Grant can be found HERE (CRA Website)

BC Grant :

·         The BC Grant is a Bonus for first time buyers in BC

·         The Bonus is 5% of the purchase price, subject to a maximum of $10,000

·         The home must be a new home to which HST is applied

·         The Bonus is scaled back based on income of the purchasers

·         The purchaser can apply immediately after completion of the purchase via an application form that will soon be available on the BC Government web site

More information on the BC Bonus is available HERE (BC Gov PDF Document)

HarmonyMortgage@gmail.com

toll free 1-888-755-1126

 

Tammy O’Callaghan 604-845-0559

Carie Pool 604-703-8748