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