FIRST-TIME HOME BUYER

INCENTIVE CHEAT SHEET

BC, CANADA

• 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!

Home Buyers' Plan (HBP) – RRSP Withdrawal

• 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

First Home Savings Account (FHSA)

• 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

GST/HST New Housing Rebate

• Full GST rebate for new or substantially renovated homes up to $1M Home Price
• Partial Rebate applies for Home Price between $1M-$1.5M 

BC Home Owner Grant

• 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!