THE B.C. FIRST-TIME NEW HOME BUYERS BONUS
Subject to approval by the legislature, the B.C. government intends to implement a temporary BC 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.
New Home Buyer's Bonus 'Summary':
- Only applies in British Columbia
- 5% of the purchase price to a maximum of $10,000 bonus payable
- Applies only to purchase of new construction or substantially renovated property
- Funds sent directly to buyer upon approval (unlikely to be received prior to completion so may not be able to use for down payment)
- Applies to fewer people but big bonus if qualified
- All buyers must be first time home owners, anywhere, ever
Further details First Time Home Buyers Tax Credit
Homebuyers Bonus vs First Time Buyers Tax Credit... don't get them mixed up!