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Cost Saving Programs June 2017 4. BC Property Transfer Tax Newly Built Home Exemp on Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000, saving buyers up to $13,000; and a par al exemp on on newly built homes priced $750,000 to $800,000. Learn more. 1.888.355.2700 5. BC Home Owner Grant Reduces property taxes for home owners with an assessed value up to $1,600,000. Is reduced $5 for each $1,000 and eliminated on homes assessed at $1,714,000 or $1,754,000 in northern/rural areas. Basic grant: • up to $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts; • an addi onal grant of $200 to rural home owners elsewhere in the province; and • an addi onal grant of $275 to seniors aged 65+, those who are permanently disabled and veterans of certain wars. Learn more or contact your municipal tax office. 6. BC Property Tax Deferment Programs • Regular Program: you may qualify if you're 55+, a surviving spouse of any age or a person with disabili es. • Families with Children Program: you may qualify if you're a parent, grandparent of financially suppor ng a child. Learn more. 1.888.355.2700. 7. Home Buyers' Plan Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second me. Canada Revenue Agency. Learn more or to par cipate in the Home Buyers' Plan or call 1.800.267.6999 8. GST/HST New Housing Rebate New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a propor onal GST rebate for new homes cos ng $350,000 - $450,000. There is no rebate for homes priced at $450,000 and above. Canada Revenue Agency. 1.800.959.8287 9. First-Time Home Buyers' Tax Credit (HBTC) Eligible individuals who bought a qualifying home in 2016 can claim the home buyers' amount of $5,000 on line 369 of Schedule 1 when filing their 2016 income tax and benefit returns. For 2016, the maximum home buyers' tax credit (HBTC) is $750, which is calculated by mul plying the home buyers' amount of $5,000 by the federal non-refundable tax credit rate of 15% (equal to the lowest personal income tax rate for the year). Learn more. 1.800.959.8281 10. Home Adapta ons for Independence (HAFI) A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords finance modifica ons to their homes to make them accessible and safer. Learn More. 604.433.2218 or 1.800.257.7756 11. BC Seniors' Home Renova on Tax Credit Assists eligible seniors 65+ with the cost of some permanent home renova ons to a principal residence to improve accessibility. The maximum refundable credit is $1,000 per tax year and is calculated as 10% of the qualifying renova on expense (maximum $10,000). Forms are available online. Learn more. 1.800.959.8281 12. CMHC Mortgage Loan Insurance Premium Refund Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amor za on without surcharge when buyers purchase an energy efficient home or make energy saving renova ons. Learn more. 604.731.5733 1. BC Home Owner Mortgage and Equity (HOME) Partnership Offers qualifying first- me buyers with a down payment, a matching down payment loan of up to 5% of the purchase price to a maximum of $37,500 on a home priced up to $750,000. The loan is interest-free and payment-free for 5 years. Then buyers can repay their loan or make monthly payments at prevailing interest rates. Loans are due a er 25 years. Learn more. 604.439.4727 or 1.844.365.4727 2. BC Property Transfer Tax (PTT) First-Time Home Buyers' Program Qualifying first- me buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $500,000. There is a propor onal exemp on for homes priced between $500,000 and $525,000. At $525,000 and above the rebate is nil. Learn more. 1.250.387.0604 3. Foreign Buyers PTT exemp on Foreign na onals with work permits coming through the BC Provincial Nominee Program are exempt from the 15% addi onal Property Transfer Tax (known as the Foreign Buyers Tax) when they buy a home. Learn more. program 13. Energy saving mortgages Financial ins tu ons offer special mortgages to home buyers/owners making homes energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage may qualify for a rebate of $300 to their RBC account. BMO Eco Smart Mortgage™ rewards customers for making energy efficient choices. 14. Low interest renova on loans Financial ins tu ons offer 'green' loans for home owners making energy efficient upgrades, for example, Vancity Home Energy Loan up to $50 K and RBC's Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. For informa on visit your financial ins tu on.

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