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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.
Your situation
$
TOTAL TAX RELIEF
$20
On a $1,499,800 home, that is what stays in your pocket at completion.
Federal GST rebate
$20
BC transfer tax
$0
Federal GST rebate
GST at 5% on the purchase price$74,990
First time home buyers rebatePhased out between $1M and $1.5M-$20
GST you actually pay$74,970
BC property transfer tax
Property transfer tax1% to $200k, 2% to $2M, 3% to $3M, 5% above$27,996
Not eligible$0
Transfer tax you actually pay$27,996
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
Above $1.15M no newly built exemption is available.
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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