Clock Ticking on the BC First-Time New Home Buyers’ Bonus

The Provincial Government First-Time New Home Buyers’ Bonus Expires on March 31, 2013.

The B.C. First-Time New Home Buyers’ Bonus is a one-time payment worth up to $10,000.

B.C. residents who are first-time home buyers and who purchase an eligible new home on or after February 21, 2012 and before April 1, 2013 may be eligible for this bonus.

A first-time home buyer is an individual who has never previously owned a primary residence anywhere in the world.

A primary residence is generally a house that you own, jointly or otherwise, and that you intend to live in on a permanent basis. You may have more than one place of residence, but you are considered to have only one primary residence.

Qualifications

You may qualify for the bonus if you meet all of the following criteria:

You purchase or build an eligible new home in B.C.
You and your spouse or common-law law partner are first-time home buyers
In the case of multiple buyers of a home, each buyer is a
first-time home buyer
You file a 2011 B.C. resident personal income tax return or, if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal tax return (you are not eligible for the bonus if you move to B.C. after December 31, 2012)
You are eligible for the B.C. HST New Housing Rebate
You intend to live in the home as your primary residence
No one else has claimed a bonus for the home

Eligible New Homes

Eligible new homes include:

new homes (i.e. newly constructed and substantially renovated homes) that are purchased from a builder
owner-built homes

A substantially renovated home is one where all, or substantially all, of the interior of the building has been removed or replaced. Generally, 90% or more of the interior must be renovated to qualify.

Eligible homes include detached houses, semi-detached houses, duplexes and townhouses, residential condominium units, mobile homes and floating homes, and residential units in a cooperative housing corporation.

Newly constructed and substantially renovated homes

The bonus is available for newly constructed and substantially renovated homes in B.C. purchased from a builder, where:

a written agreement of purchase and sale is entered into on or after February 21, 2012 and before April 1, 2013,
HST is payable on the purchase, and
ownership or possession of the home is transferred before
April 1, 2013.

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