First-Time New Home Buyers' Bonus
Last update: June 11, 2012
On February 21, 2012, BC Minister of Finance Kevin Falcon announced the B.C. First-Time New Home Buyers’ Bonus as part of Budget 2012. The bonus is a temporary one-time refundable income tax credit for first-time home buyers who purchase a newly constructed home for use as a primary residence, up to a maximum credit of $10,000.
The credit is available on purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale is entered into on or after February 21, 2012.
According to the Ministry of Finance, application forms will need to be completed and sent to the BC Ministry of Finance for processing. The bonus will be issued as a separate cheque from the BC Ministry of Finance.
For more information, including the application form, see the Ministry of Finance site: www.sbr.gov.bc.ca/individuals/Income_Taxes/Personal_Income_Tax/tax_credits/fthb_bonus.htm.
Is the application form available now?
Yes, on the BC Ministry of Finance website: www.sbr.gov.bc.ca/individuals/income_taxes/personal_income_tax/tax_credits/fthb_bonus_forms.htm.