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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 Yorkson Meadows, from $1,571,333Change
Your situation
$
TOTAL TAX RELIEF
$0
Nothing applies on the answers above. Change one and see what shifts.
Federal GST rebate
$0
BC transfer tax
$0
Federal GST rebate
GST at 5% on the purchase price$78,567
First time home buyers rebateNo rebate at $1.5M or above$0
GST you actually pay$78,567
BC property transfer tax
Property transfer tax1% to $200k, 2% to $2M, 3% to $3M, 5% above$29,427
Not eligible$0
Transfer tax you actually pay$29,427
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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