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What do you get back on a new BC home?
Two separate programs, two different rule sets, and most buyers only know about one. Answer five questions and see exactly what you qualify for.
Based on RC at CF Richmond Centre, from $1,057,000Change
Your situation
$
TOTAL TAX RELIEF
$63,440
On a $1,057,000 home, that is what stays in your pocket at completion.
Federal GST rebate
$44,300
BC transfer tax
$19,140
Federal GST rebate
GST at 5% on the purchase price$52,850
First time home buyers rebatePhased out between $1M and $1.5M-$44,300
GST you actually pay$8,550
BC property transfer tax
Property transfer tax1% to $200k, 2% to $2M, 3% to $3M, 5% above$19,140
Newly built home exemption-$19,140
Transfer tax you actually pay$0
Where you stand
Newly built home
New construction and substantially renovated homes qualify for both programs. Resale does not.
Principal residence
You are the first to occupy it and it is your main home.
Federal GST rebate
You qualify. Reduced because the price is above $1M.
BC transfer tax exemption
Newly built home exemption applies in full.
Estimates only. Eligibility depends on your full circumstances and the rules can change. This is not tax or legal advice. Confirm with your lawyer and accountant, and see the CRA and BC Ministry of Finance pages for the official conditions.
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