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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 The Kensington Parkside Residences, from $1,399,000Change
Your situation
$
TOTAL TAX RELIEF
$10,100
On a $1,399,000 home, that is what stays in your pocket at completion.
Federal GST rebate
$10,100
BC transfer tax
$0
Federal GST rebate
GST at 5% on the purchase price$69,950
First time home buyers rebatePhased out between $1M and $1.5M-$10,100
GST you actually pay$59,850
BC property transfer tax
Property transfer tax1% to $200k, 2% to $2M, 3% to $3M, 5% above$25,980
Not eligible$0
Transfer tax you actually pay$25,980
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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