Qualifying Home Buyers can withdraw up to $35,000 (couples up to $70,000) from their RRSPs for a down payment. Must repay within 15 years. Eligibility to use the program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency.

Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a downpayment. Contributions are tax deductible; capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan.

Qualifying first-time home buyers with annual household incomes less than $120,000 and a 5% down payment, a 10% shared equity mortgage for a newly constructed home OR a 5% shared equity mortgage for an existing home. Buyer repays the incentive later or at re-sale. Incentive reduces the amount of monthly mortgage payments.

Qualifying first-time buyers may be exempt from paying the PTT (1% on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $500,000. Proportional exemption for homes priced $500,000 - $525,000. At $525,000+ no exemption. Foreign entities, taxable trustee ineligible.

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 and a partial exemption on newly built homes priced $750,000 to $800,000.

Eligible persons who bought a qualifying home can claim the home buyers’ amount of $10,000 on Line 31270 of Schedule 1 when filing their 2022 income tax and benefit returns.

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 proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000+.

Reduces property taxes for home owners with an assessed or partitioned value up to $2.125 million. Grant reduced by $5 for each $1,000 above the threshold. The home owner grant threshold applies across the province. The amounts are:

• $570 for the basic grant;
• $770 if the home is located in a northern or rural area;
• Up to $845 for home owners age 65 and more or a home owner with a disability; and
• Up to $1,045 for home owners age 65 and more or a home owner with a disability where the home is in a northern or rural area.

• Property Tax Deferment Program for Seniors: qualifying home owners aged 55+ can defer property taxes. 
• Financial Hardship Property Tax Deferment Program: qualifying low-income home owners can defer property taxes.
• Property Tax Deferment Program for Families with Children: qualifying home owners who financially support children under age 18 can defer property taxes.

For more information, please visit        www.rebgv.org