Government Grants

First Time Home Buyers' Program

Type:
Tax Break
Availability:
British Columbia

Summary

This program helps new homeowners to reduce or eliminate the amount of property transfer tax being paid. This grant is worth up to $8,000 depending on the market value of the individual property.

Eligibility

In order to qualify for this grant, you must meet the following requirements:

  1. Must be a BC resident for one year
  2. Filed a minimum of two income tax returns within the last six tax years as a BC resident
  3. Never previously owned property anywhere in the world
  4. Never previously received a home buyers exemption/refund

In order for your property in question to be eligible for this grant, it must meet the following requirements:

  • Property must be principal residence
  • Market value of $500,000 or less
  • Must be 1.24 acres or smaller

You may be eligible for a partial tax exemption if you meet the below requirements:

  • Market value less than $525,000
  • Larger than 0.5 hectares
  • Has more than one building on the property

Additional Information

  • Must move into the property within 92 days of registration
  • Continuously occupy residence up until first anniversary of registration
  • You may apply for the program up until 18 months after registration date if you have yet to sign up

How to Apply

  1. Print out and complete the First Time Home Buyers Application
  2. Scan to your computer, and mail electronically through eTaxBC

Resources

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