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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 Partington Creek, from $1,118,000Change
Your situation
$
TOTAL TAX RELIEF
$51,230
On a $1,118,000 home, that is what stays in your pocket at completion.
Federal GST rebate
$38,200
BC transfer tax
$13,030
Federal GST rebate
GST at 5% on the purchase price$55,900
First time home buyers rebatePhased out between $1M and $1.5M-$38,200
GST you actually pay$17,700
BC property transfer tax
Property transfer tax1% to $200k, 2% to $2M, 3% to $3M, 5% above$20,360
Newly built home exemption-$13,030
Transfer tax you actually pay$7,330
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, partially, because the price is in the phase out band.
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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