Top 26 Grants & Rebates for Property Buyers & Owners for 2012!
Jeff's visit prompted me to look into further how home owners can save energy and money from Government grants and programs and I compiled the TOP 26 grants and rebates for Vancouver Real Estate in 2012.
The Top 5 are the most common and also the most financially rewarding rebates to be aware of, the remainder are more specific but very interesting for residential and commercial real estate in Vancouver. These grants can be Municipal, Provincial, Federal, or all 3, so do your research and save more money! Carefully review the following government grants & rebates and don't wait as many of them expire on March 31st 2012.
The BC government helping homes become greener and more affordable, another reason I am so proud to be a British Columbian!
I have and will be utilizing points 12,14,15,16,17, & 25 on my own home, saving me up to $2200 in energy efficient grants!
To book your Energy Efficient Evaluation with Jeff Martin call 778-233-4035.
1. Home Buyers Plan
Buyers can withdraw up to $25,000 from their RRSP, couples can draw $50,000 for their downpayment. Visit www.cra.gc.ca for more info and search Home Buyers Plan.
2. GST Rebate on New Homes
New Home Buyers get up to 36% or $6,300 back from the 5% portion of HST for purchases under $350,000 and a proportion for homes under $450,000. Visit www.cra.gc.ca and search RC4028 for more info.
3. BC New Housing Rebate (HST)
Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a fat rebate of $26,250. www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate
4. BC New Rental Housing Rebate (HST)
Landlords buying new or substantially renovated homes areeligible for a rebate of71.43% of the provincial portion of the HST, up to $26,250 per unit. www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate
5. BC Property Transfer Tax (PTT)
First Time Home Buyers’ Program Qualifying frst-time buyers may be exempt from paying the PTT of 1% on the frst $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/rpt
6. First-Time Home Buyers’ Tax Credit (HBTC)
This federal non-refundable income tax credit is for qualify-ing buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation:multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. Canada Revenue Agency www.cra.gc.ca/hbtc
7. BC Home Owner Grant
Reduces school property taxes by up to $570 on properties with an assessed value up to$1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated homes assessed at $1,319,000+. BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/hog or contact your municipal tax offce.
8. BC Property Tax Deferment Programs
Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes. Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.Property Tax Deferment Program for Families with Children. Qualifying low income home owners who fnancially sup-port children under age 18 may be eligible to defer property taxes. BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax offce.
9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants.
This federal program provides fnancial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fre safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites. www.cmhc-schl.gc.ca/en/co/prfnas/prfnas_001.cfm
10. CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy effcient mortgage or make energy saving renovations. www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno
11. Energy Saving Mortgages
Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy effcient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account. www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html
12. Low Interest Renovation Loans
Financial institutions offer ‘green’ loans for home owners making energy effcient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for
up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fxed rate installment loan over $5,000. For information visit your fnancial institution. www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com and in the
search box enter ‘energy saver loan’.
13. LiveSmart BC: Effciency Incentive Program
Home owners improving the energy effciency of their homes may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC. Rebates are for energy effcient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider. www.livesmartbc.ca/rebates
14. BC Residential Energy Credit
Home owners and residential landlords buying heating fuel receive a BC government point of-sale rebate on utility bills equal to the provincial component of the HST. www.sbr.gov.bc.ca/documents_library/notices/HST_Notice_010.pdf or go to Google and and in the search box type in ‘Residential Energy Credit rebate program.’ It is the frst item.
15. BC Hydro Appliance Rebates
Mail-in rebates of $25 - $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers until March 31, 2011, or when funding for the program is exhausted. www.bchydro.com/rebates_savings/appliance_rebates.html
16. BC Hydro Fridge Buy-Back Program
This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition. www.bchydro.com/rebates_savings/fridge_buy_back.html
17. BC Hydro Windows Rebate Program
Pay no HST when you buy ENERGY STAR high-performance windows and doors. This offer is available until March 31, 2011. www.bchydro.com/rebates_savings/windows_offers/current_offers.htm
18. BC Hydro Mail-in Rebates/Savings Coupons
To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR cordless phone. Check for new offers and for deadlines. www.bchydro.com/rebates_savings/coupons.html
19. Terasen Gas Rebate Program
A range of rebates for home owners include a $50 rebate for upgrading a water heater, $150 rebate on an Ener-Choice freplace (both good until March 31, 2011) and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system (good until February 29, 2012).
20. Terasen Gas Efficient Boiler Program
For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy effcient boiler, for new construction or retrofts. www.terasengas.com and in the search box enter ‘gas efficient boiler program’.
21. City of Vancouver Solar Homes Pilot
This rebate of $3,000 (about 50% of the cost) is for a Vancouver home owner upgrading to a solar hot water system from a gas system. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters on a frst come, frst served basis until March 2011 or until the City reaches its target of 30 solar homes. www.vancouver.ca/sustainability/SolarHomes.htm
22. City of Vancouver Rain Barrel Subsidy Program
The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency. www.vancouver.ca and in the search box enter ‘rain barrel program.’
23. City of Vancouver Greenest City 2020 Pilot Home Energy Loan Program
The City of Vancouver in co-operation with Vancity, FortisBC, BC Hydro and Natural Resources Canada offers access to loans for energy retrofts including heating systems, insulation and air sealing. Loans are at 4.5% fxed rate over 10 years. The program also helps with accessing grants from the federal ecoENERGY program, the provincial LiveSmart BC program and FortisBC. www.vancouver.ca/energyloan
24. Vancity Green Building Grant
In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-proft organizations and co-operatives for projects which focus on building renovations/retrofts, regulatory changes that advance green building development, and education to increase the use of practical green building strategies. www.vancity.com/MyCommunity/NotForProft/Grants/ActingOnClimateChangeGreenBuildingGrant
25. Local Government Water Conservation Incentives
Your municipality may provide grants and incentives to residents
to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-fush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.
26. Local Government Water Meter Programs
Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to fnd out if there is a program.