20 grants and rebates for homebuyers and owners
1. Federal Home Buyers’ Plan
Qualifying homebuyers can withdraw up to $60,000 (couples up to $120,000) from their RRSPs for a down payment. Must begin repaying within five years and repay within 15 years. Eligibility to use program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency. Learn more.
2. Federal Tax-Free First Home Savings Account (FHSA)
3. First-Time Home Buyers’ Program
4. Newly Built Home Exemption
5. Provincial new purpose-built rental buildings exemption
6. Provincial flipping tax exemption
Effective January 1, 2025, homebuyers who sell a residential property, including a presale assignment, within two years of buying will be taxed 20 per cent within the first year of purchase, declining to zero between 366 and 730 days. A property is tax exempt if homebuyers are adding to the housing supply, developing/constructing housing; or have life changes – separation, divorce, death, disability, illness, work relocation work, job loss, insolvency, or personal safety. Homeowners selling their primary residence within two years of purchase can exclude a maximum of $20,000 when calculating their taxable income. Learn more. Questions: ITBTaxQuestions@gov.bc.ca.
7. Provincial secondary suite incentive loan program
8. Federal First-Time Home Buyers’ Tax Credit (HBTC)
9. Provincial renter tax credit
If a renter has low-to-moderate-income ($60,000 or less) there's a new annual income-tested tax credit of up to $400 per year for renters. Learn more. 1‑800‑959‑8281.
10. GST/HST New Housing Rebate
11. CMHC Mortgage Loan Insurance Premium refund
12. BC Home Owner Grant
Reduces property taxes for homeowners with an assessed or partitioned value up to $2.125 million. The grant is reduced by $5 for each $1,000 above the threshold. The grant threshold applies across the province. The amounts are:
- $570 for the basic grant;
- $770 if the home is located in a northern or rural area;
- Up to $845 for homeowners age 65 and more or a homeowner with a disability; and
- Up to $1,045 for homeowners age 65 and more or a homeowner with a disability where the home is in a northern or rural area. Learn more. hogadmin@gov.bc.ca. 1‑888‑355‑2700.
13. BC Property Tax Deferment Program
Property Tax Deferment Program for Seniors: qualifying homeowners aged 55+ can defer property taxes.
Property Tax Deferment Program – Financial Hardship: qualifying low-income homeowners can defer property taxes.
Property Tax Deferment Program for Families with Children: qualifying homeowners who financially support children under age 18 can defer property taxes.
Learn more. Vancouver: 1-888-355-2700 or 250-387-0555.
14. Multigenerational Home Renovation Tax Credit
15. Home Accessibility Tax Credit
16. Homebuyers’ tax credit for persons with disabilities
Persons with disabilities, or persons with a spouse or common-law partner with disabilities, may be eligible for a disability tax credit, even if they’re not a first-time home buyer. Learn more.
17. Tax deductions for moving for work
18. BC Rebate for Accessible Home Adaptations
This program provides up to $17,500 in rebates for adaptations to a home. Must be a resident of BC with limited income and assets. Eligible households include homeowners and joint applications from tenants and landlords – someone in the household must have a permanent disability or loss of ability. Learn more. 604-433-2218 or 1-800-257-7756.
19. Home Renovation Tax Credit for seniors and persons with disabilities
20. BC Electricity Affordability Tax Credit
A new, one year electricity affordability credit for all households, regardless of income starting in April 2024. Households will save on average $100 a year on their electricity bills. Commercial and industrial customers will receive savings of about 4.6 per cent based or about $400 on their 2023/24 electricity bills. Learn more.