First-time home buyers can receive a cheque for up to $10,000 to help with the cost of buying a newly built home, and seniors who need permanent home renovations, to help them stay in their homes longer, will be assisted with the cost of those renovations through legislation introduced today by Finance Minister Kevin Falcon.
Bill 45, the Income Tax Amendment Act, 2012, introduces legislation for the B.C. First-Time New Home Buyers' Bonus and the B.C. Seniors' Home Renovation Tax Credit announced in Budget 2012.
First-time buyers of newly built homes may be eligible to receive the B.C. First-Time New Home Buyers' Bonus of up to $10,000 - giving families a break, while supporting the new-home construction sector. Individuals must apply for the bonus through the B.C. government. Bonus payments will be sent out as cheques in the mail.
A new B.C. Seniors' Home Renovation Tax Credit of up to $1,000 annually will be available to help with the cost of permanent home renovations that provide British Columbians aged 65 and over with increased independence, allowing them the flexibility to remain in their own homes longer. It will be available to individuals who incur eligible expenditures on or after April 1, 2012.
The credit can be claimed by seniors, whether they own their home or rent, and by individuals who share a home with a senior, when individuals file their personal income tax returns for 2012, and future years.
Finance Minister Kevin Falcon -
"This new legislation gives consumers a break by helping families with the cost of buying a new home and assisting seniors with some home renovation expenses that assists them to stay in their home longer."
"These measures that benefit qualifying families and seniors will also help to protect and create jobs by supporting the home construction and renovation industry. I hope families looking for a new home and seniors considering permanent home renovations will take advantage of these opportunities."
B.C. First-Time New Home Buyers' Bonus -
Information on the B.C. First-Time New Home Buyers' Bonus, as well as the application form, can be found online at: http://www.sbr.gov.bc.ca/individuals/Income_Taxes/Personal_Income_Tax/tax_credits/fthb_bonus.htm
The bonus is a temporary measure, effective until March 31, 2013.
B.C. Seniors' Home Renovation Tax Credit -
Information on the B.C. Seniors' Home Renovation Tax Credit can be found online at: http://www.sbr.gov.bc.ca/individuals/Income_Taxes/Personal_Income_Tax/tax_credits/seniors_home_reno.htm
For more information or to find out if you qualify, please call or email:
* Telephone: 250 387-3332 or 1 877 387-3332
* Email: ITBTaxQuestions@gov.bc.ca
Director of Communications
Ministry of Finance
Connect with the Province of B.C. at: www.gov.bc.ca/connect