B.C.’s $10,000 tax credit for first time buyers

Here’s some good news for those of you who have been considering buying your first property, but it’s as they say “only for a limited time”. It was only announced yesterday as part of the provincial government’s budget so we are all still wrapping our heads around the details but here is a summary and then a link to the government’s fact sheet on the matter.

The 2012 budget introduces new relief for first-time buyers of newly built homes. It’s giving consumers a break while supporting the new-home construction sector. Effective February 21, 2012, to March 31, 2013, the $10,000 B.C. First-Time New Home Buyers’ Bonus will give a temporary, refundable income tax credit for first-time buyers purchasing newly-built homes.

More info here.

Ryan Coffey