Following the announcement of the B.C. First Time New Home Buyers Bonus there has been some confusion on how the bonus will be paid to qualified applicants.
The initial reports about the First Time Buyers Bonus were misunderstood due what the Ministry of Finance call a “Poor choice of words” in the initial press release. It is not a Tax Credit!
The First Time Home Buyer Bonus will be introduced in the legislature and is expected to obtain “Royal Ascent” sometime in May 2012.
Once given Royal Ascent, applicants will apply through the BC Ministry of Finance for the Bonus. The Ministry expects the Application Forms to be ready by June or July.
For further info visit: www.fin.gov.bc.ca or call; 1-877-387-3332
BC Finance Minister, Mr. Kevin Falcon, has announced the reinstatement of the BC PST, to take effect on April 1, 2013 (subject to approval by the BC Legislature). In simple terms, home buyers will continue to pay HST until April 1, 2013 and will be eligible for additional rebates. After April 1, 2013 only 5% GST will apply. For properties under construction at April 1, 2013, specific transitional rules will apply.
Mr. Falcon also announced that the full PST Legislation will be introduced in the legislature this spring, including the transitional rules.
Full information on the B.C. Home Buyers Bonus is below:
2012 First Time Home Buyers Fact Sheet