Cost Saving Programs for British Columbians
Cost Saving Programs for British Columbians
The various savings/incentive programs for buyers and homeowners Included are rebates, exemptions and deferrals on GST, PTT, property taxes, and others.
1. BC Home Owner Mortgage and Equity
(HOME) Partnership program
Offers qualifying first-time buyers with a down payment, a matching down payment loan of up to 5% of the purchase price to a maximum of $37,500 on a home priced up to $750,000. The loan is interest-free and payment-free for 5 years. Then buyers can repay their loan or make monthly payments at prevailing interest rates. Loans are due after 25 years. Learn More.
2. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program
Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil. Learn more. 1.250.387.0604
3. BC Property Transfer Tax Newly Built Home Exemption
Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000, saving buyers up to $13,000; and a partial exemption on newly built homes priced $750,000 to $800,000. Learn more. 1.888.355.2700
4. BC Home Owner Grant
Reduces property taxes for home owners with an assessed value up to $1,600,000. Is reduced $5 for each $1,000 and eliminated homes
assessed at $1,714,000 or $1,754,000 in northern/rural areas.Basic grant:
• up to $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
• an additional grant of $200 to rural home owners elsewhere in the province; and
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and veterans of certain wars. Learn more or contact your municipal tax office.
5. BC Property Tax Deferment Programs
• Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ can defer property taxes.
• Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners can defer property taxes.
• Property Tax Deferment Program for Families with Children. Qualifying home owners who financially support children under age 18 can defer property taxes. Learn more. 1-888-355-2700
6. Home Buyers’ Plan
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency. Learn more or to participate in the Home Buyers’ Plan or call 1.800.267.6999
7. GST/HST New Housing Rebate
New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing $350,000 - $450,000. There is no rebate for homes priced at $450,000 and above. Canada Revenue Agency. 1.800.959.8287
8. First-Time Home Buyers’ Tax Credit (HBTC)
Eligible individuals who bought a qualifying home in 2016 can claim the home buyers’ amount of $5,000 on line 369 of Schedule 1 when filing their 2016 income tax and benefit returns. For 2016, the maximum home buyers’ tax credit (HBTC) is $750, which is calculated by multiplying the home buyers’ amount of $5,000 by the federal non-refundable tax credit rate of 15% (equal to the lowest personal income tax rate for the year). Learn more. 1.800.959.8281
9. Home Adaptations for Independence (HAFI)
A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low income seniors and disabled home owners and landlords finance modifications to their homes to make them accessible and safer. Learn More. 604.433.2218 or toll-free 1.800.257.7756
10. BC Seniors’ Home Renovation Tax Credit
Assists eligible seniors 65+ with the cost of some permanent home renovations to a principal residence to improve accessibility. The maximum refundable credit is $1,000 per tax year and is calculated as 10% of the qualifying renovation expense (maximum $10,000). Forms are available online. Learn more. Toll-free 1.800.959.8281
11. CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604.731.5733
12. Energy saving mortgages
Financial institutions offer special mortgages to home buyers/owners making homes energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage may qualify for a rebate of $300 to their RBC account. BMO Eco Smart Mortgage™ rewards customers for making energy efficient choices.
13. Low interest renovation loans
Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades, for example, Vancity Home Energy Loan and RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.
14. Energy Conservation and Assistance Program
BC Hydro and FortisBC offer free energy assessments and energy saving products to income- qualifying households for upgrades ranging of $300 to $5,000.
15. FortisBC new home energy rebate offer
FortisBC and BC Hydro customers can receive rebates when building ENERGY STAR new homes or installing high-efficiency natural gas fireplaces. Learn more.
16. Home Energy Rebate Offer
BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space & water heating systems and ventilation to reduce your energy bill. Includes a bonus offer for completing 3+ upgrades. Total value of available rebates: $5,300 per household. Learn more. 1.877.740.0055.
17. Energy savings kits
BC Hydro and FortisBC offer income-qualifying customers a free energy saving kit containing products to help save energy and money. Learn more.
17. ENERGY STAR Appliances
BC Hydro Power Smart and various municipalities are offering $100 mail-in rebates to home owners buying ENERGY STAR clothes dryers and refrigerators. Coquitlam, New Westminster, North Vancouver City, North Vancouver District, Richmond, Vancouver and West Vancouver are participating. Learn more.
19. FortisBC rebates for homes
Rebates for home owners include a $300 rebate for purchasing an EnerChoice fireplace, or up to $1,800 off an ENERGY STAR water heater, or a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system. Total value of available rebates: $5,300 per household.
Learn more. 1.800.663.8400
20. FortisBC Rebate for rental apartment buildings
The Rental Apartment Efficiency Program for owners and managers of rental apartment buildings of 9 or more units includes a water-efficient shower head and a kitchen and bathroom faucet aerator, an energy assessment and ongoing professional assistance.
Learn more and FAQ’s.
21. Join the Power Smart Team
Become a member of Team Power Smart and start a challenge to reduce your electricity use by 10% over the next year. If you’re successful you’ll earn a $50 reward. Learn more.
22. Building Energy Retrofit funds
The City of Vancouver’s $1 million fund includes a $150,000 grant to the Vancouver Heritage Foundation for retrofits to pre-1940s homes, a new Home Energy Efficiency Empowerment Program for 675 homeowners to evaluate energy efficiency, and a $1 million to a Green Landlord Program to help non-market apartment building owners and operators reinvest in buildings and reduce energy costs. Learn more (City of Vancouver).
23. Rain barrel subsidy programs
Metro Vancouver municipalities offer rain barrels for sale at a discount for residents: Richmond - $30, Burnaby - $70, Coquitlam - $72, West Vancouver - $55. Other municipalities have similar offers.
24. Water saving kits
Metro Vancouver municipalities offer water saving kits to reduce water use including Burnaby, Coquitlam, and Delta.
25. Local government water conservation incentives
Includes: Toilets: North Vancouver District offers a $50 rebate to residents installing a low-flush toilet. Richmond offers a $100 utility rebate. Visit your municipality’s website and enter ‘toilet rebate.’ Clothes washers: replace your old clothes washer with a new, high efficiency ENERGY STAR clothes washer and receive a $100 or $200 rebate from Richmond.
26. Local government water meter programs
Municipalities may offer water metering, so you pay only for the amount of water you use. Burnaby (scroll down), Delta, Richmond and West Vancouver have programs. Visit your municipality’s website and enter ‘water meter.’
27. Vancouver Thermal
Imaging program
A new program to help detached homeowners identify heat loss and connect them with energy-saving incentives. Neighbourhoods piloting the program include Strathcona, Hastings Sunrise, Dunbar-Southlands, Riley Park and Victoria Fraserview.
Learn more. Contact chris.higgins@ vancouver.ca.
28. Leaders in Energy Management Program
Partners BC Hydro with BC’s largest commercial, government and institutional customers (who spend$200,000 or more/year on Hydro). Customers gain access to energy management programs, tools and incentives. Learn more. 1.800.474.6886
29. Business Energy Saving
Incentives
Provides financial incentives to organizations that replace inefficient technologies with energy efficient technologies. Learn more. 1.800.474.6886
30. FortisBC rebate programfor businesses
For commercial buildings, provides a rebate of up to $45,000 for thepurchase of an energy efficient boiler, up to $15,000 for the purchase ofa high-efficiency water heater and receive funding towards a new construction energy study.
