Thursday, 21 June 2012

Special programs for first time BC home buyers.

The real estate prices in BC are high in comparison to much of Canada relative to average income. Which makes it difficult for first time home buyers. Here are some helpful programs that first time home buyers can access to assist them with their first home purchase.

The programs are:
1) Property Transfer Tax Exemption for the first time Home Buyers. This program exempts first time home buyers from paying the BC property transfer tax. Which can save you up to $6,500.00. To receive this exemption you must first qualify
2) RRSP First Time Home Buyers Plan. This program allows first time home buyers to loan themselves previously claimed RRSP contributions tax free to assist in the purchase of a home. You have to qualify to use this plan also.

3) First Time Buyers New Home Bonus. This is a limited time rebate introduced with the enhanced HST rebates for first time home buyers buying New Homes and you only have until Mar. 31 2013 for this one. Again you must qualify to use this.

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