Nancy Donen Macdonald Realty Ltd.

Cell 604-761-4921 | EMAIL info@nancydonen.com |

 

Home Buyer's Plan:

Did you know that qualified 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 RRSPs may be eligible to use the program a second time.

 

First-time Home Buyer's Tax Credit:

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or housing corporation shares.  The calculation: multiple the lowest personal income tax rate for the year (15% in 2012) x $5,000.  For the 2013 tax year, the maximum credit is $750.

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On Monday, April 1, the Harmonized Sales Tax (HST) will be replaced by the federal Goods and Services Tax (GST) and the BC Provincial Sales Tax (PST).

What this means to you:


As we move back to the GST and PST tax structure, it’s important to remember that:

  • sales tax on a new home will be reduced to 5% GST plus 2% BC Transition Tax (total 7%) from the current 12%; and
  • tax on real estate commissions will be reduced to 5% from the current 12%.

These reduced tax rates apply to all transactions that are payable on or after April 1.

 use the previous version.

 

 
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