http://www.notapennydown.com First time home buyers tax credit Vancouver, home buyer tax credit THE B.C. FIRST-TIME NEW HOME BUYERS' BONUS<br />[ 1 ]<br />THE B.C. FIRST-TIME NEW HOME BUYERS' BONUS Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal income tax credit worth up to $10,000. Requirements to Qualify for the Bonus ELIGIBLE FIRST-TIME NEW HOME BUYER You will qualify as a first-time new home buyer if: You purchase or build an eligible new home located in B.C.; You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence; 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 income tax return (you will not be 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; and You intend to live in the home as your primary residence. ELIGIBLE NEW HOME<br />An eligible new home includes new homes (i.e., newly constructed and substantially renovated homes) that are purchased from a builder and that are owner-built. The bonus will be available in respect of new homes purchased from a builder where: A written agreement of purchase and sale is entered into on or after February 21, 2012; HST is payable on the home (e.g., HST will generally be payable if ownership or possession of the home transfers before April 1, 2013 - see further details below); and No one else has claimed a bonus in respect of the home. The bonus will be available in respect of owner-built homes where: A written agreement of purchase and sale in respect of the land and building is entered into on or after February 21, 2012; Construction of the home is complete, or the home is occupied, before April 1, 2013; and No one else has claimed a bonus in respect of the home.
