A short post to clarify the confusion surrounding the new First Time Home Buyers’ Bonus.
Initially, when the First Time Home Buyers’ Bonus was announced in the budget, it was thought to be an offset against income tax payable.
If that were the case, an applicant would only be able to benefit from this program by offsetting the bonus against income taxes that were paid.
We’re very happy to announce that this is NOT how the First Time Buyers’ Bonus works.
The Ministry of Finance tells us that the BONUS has NOTHING to do with a home buyer’s income tax return. The home buyer, assuming he or she meets the criteria, simply applies for the bonus and if they are eligible, the government sends them a cheque for the amount claimed.
The BC First-Time New Home Buyers’ Bonus is a one-time payment worth up to $10,000. BC residents who are first-time home buyers and who purchase an eligible new home after February 20, 2012 and before April 1, 2013 may be eligible for this bonus. The Ministry of Finance has posted the draft forms for the First Time Home Buyer Bonus.
You can find the forms here.
You can find the Eligibility Criteria here
Mark Fidgett is a Vancouver mortgage broker and the driver behind www.NotaPennyDown.com
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