FIRST-TIME HOME BUYER

INCENTIVE CHEAT SHEET

BC, CANADA

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  • Full exemption for properties with a Fair Market Value (FMV) of $500,000 or less
  • Partial exemption of $8,000 for properties with an FMV over $500,000 and under
  • $835,000
  • Sliding scale exemption for properties with an FMV over $835,000 and under
  • $860,000
  • No exemption for properties with an FMV over $860,000
  • Must be a Canadian citizen or permanent resident
  • Must move in within 92 days & live there for a year
  • Pro Tip: Use our App to calculate the exemption!
  • Withdraw up to $60,000 tax-free from RRSP
  • Must repay over 15 years (or taxed as income)
  • Must be a first-time buyer (or haven’t owned in last 4 years)
  • Funds must be in RRSP account for at least 90 days prior to the withdrawal
  • Contribute up to $8,000/year (max $40,000 lifetime)
  • Tax-deductible contributions & tax-free withdrawals
  • Must use funds within 15 years for first home purchase
  • Partial GST rebate (up to 36%) for new or substantially renovated homes
  • Applies if home price is $350,000 or less (partial rebate up to $450,000)
  • Reduces property taxes by up to $770 ($1,045 for rural areas)
  • Applies to homes valued under $2.125M
  • Must be primary residence (Not limited to FTHB)
  • This benefit is claimed when paying annual property taxes
  • Pro Tip: Stack multiple incentives to maximize savings!

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