Useful Links

In this section, you will find some useful information and links about your community, housing related programs, grants and taxes.

Taxes

Property Tax

Property Transfer Tax

Home buyers in BC pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder.

First-time home buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. Buyers can’t have previously owned a home anywhere in the world.

Cost Saving Programs

Home Buyer's Plan:  Registered Retirement Savings for down payments

Canada Revenue Agency’s Home Buyers' Plan lets qualifying home buyers use up to $25,000 of their Registered Retirement Savings Plan (RRSP) to buy a home. Couples can use up to $50,000. The home must be a principal residence, the home buyers must not have owned a home within the past five years and the loan must be repaid with 15 years.

Disabled home buyers upgrading to a more accessible home also qualify as do relatives helping disabled home buyers. Home buyers who have already used the plan and have fully repaid their RRSP may be eligible to use the plan a second time.

The BC First-Time New Home Buyers' Bonus

Until the PST is re-implemented, a refundable income tax credit for first-time home buyers who purchase a newly constructed home will be available. The BC First-Time New Home Buyers' Bonus is a one-time payment worth up to $10,000 for BC residents who are first-time home buyers and who purchase an eligible new home.

First-Time Home Buyers' Tax Credit

This is a non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation.

It’s calculated by multiplying the lowest personal income tax rate for the year (15% in 2011) by $5,000. For the 2011 tax year, the maximum credit is $750.

HST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.

BC Home Owner Grant

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,285,000.

For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000+.

An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,285,000 and eliminated on homes assessed at $1,319,000+.

BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST, paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.  However, under proposed changes, the maximum BC new housing rebate would increase to $42,500.  Click here for more details.

BC New Rental Housing Rebate (HST)

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.

For more cost saving programs, please click here.

Your Community

Vancouver

Vancouver is the largest city in BC and has consistently been named as one of the world’s most liveable cities. This is due in part because of its natural beauty, vibrant downtown, educational facilities, and a range of shopping choices.

Richmond

Richmond is a culturally diverse and geographically unique community centrally located on Canada's West Coast, in Metro Vancouver, 20 minutes from Downtown Vancouver, and 25 minutes from the US border

Schools

Vancouver schools

Richmond schools

Utilities and Other Useful Links

BC Hydro -  Electricity

Fortis BC - Gas

Telus - Telephone, Internet, Cable

Shaw - Telephone, Internet, Cable

Bell - Telephone, Internet, Cable

Canada Post - Change of Address

CBA Security Systems - Alarm Monitoring and Installation

Reliance Insurance Agencies - Home Insurance