1. Federal Home Buyers’ Plan

Qualifying homebuyers can withdraw up to $60,000 (couples up to $120,000) from their RRSPs for a down payment. Must begin repaying within five years and repay within 15 years. Eligibility to use program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency. Learn more.

2. Federal Tax-Free First Home Savings Account (FHSA)

Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a down payment. Contributions are tax deductible; Capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan. Learn more.

3. First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT (one per cent on the first $200,000 and two per cent on the remainder of the purchase price of a resale home) for homes priced up to $835,000, with the first $500,000 exempt from the PTT. The phase out range is $25,000 above the threshold, with the complete elimination of the exemption at $860,000. New thresholds begin April 1, 2024. Foreign entities, taxable trustees, ineligible. Learn more. 1-888-355-2700.

4. Newly Built Home Exemption

Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $1,100,000, and a partial exemption on newly built homes priced up to $1,150,000. Begins April 1, 2024. Learn more. 1-888-355-2700. 

5. Provincial new purpose-built rental buildings exemption

Buyers of new qualifying purpose-built rental buildings will be exempt from the PTT starting January 1, 2025, and ending December 31, 2030. The purpose-built rental building must have at least four separate apartments that are non-stratified and held as rentals monthly or longer, for at least 10 years. Learn more. 1-888-841-0090. 

6. Provincial flipping tax exemption

Effective January 1, 2025, homebuyers who sell a residential property, including a presale assignment, within two years of buying will be taxed 20 per cent within the first year of purchase, declining to zero between 366 and 730 days. A property is tax exempt if homebuyers are adding to the housing supply, developing/constructing housing; or have life changes – separation, divorce, death, disability, illness, work relocation work, job loss, insolvency, or personal safety. Homeowners selling their primary residence within two years of purchase can exclude a maximum of $20,000 when calculating their taxable income. Learn more. Questions: ITBTaxQuestions@gov.bc.ca. 

7. Provincial secondary suite incentive loan program

Forgivable loans up to $40,000 for homeowners to build and rent an affordable secondary suite at below market rates to increase affordable rental supply. Learn more and check eligibility. 604-439-4727 or 1-877-757-2577 and select option three or use this secondary suite web form. 

8. Federal First-Time Home Buyers’ Tax Credit (HBTC)

Eligible persons who bought a qualifying home can claim the home buyers’ amount of $10,000 on Line 31270 of Schedule 1 when filing their 2022 income tax and benefit returns. Learn more and here. 1-800-959-8281.

9. Provincial renter tax credit

If a renter has low-to-moderate-income ($60,000 or less) there's a new annual income-tested tax credit of up to $400 per year for renters. Learn more. 1-800-959-8281.

10. GST/HST New Housing Rebate

Homebuyers buying a newly-built home can apply for a rebate for the five per cent GST if the purchase price is $350,000 or less. The rebate is equal to 36 per cent of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000+. Learn more. 1-800-959-8287.

11. CMHC Mortgage Loan Insurance Premium refund

Provides homebuyers with CMHC mortgage insurance, up to a 25 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604-731-5733.

12. BC Home Owner Grant

Reduces property taxes for homeowners with an assessed or partitioned value up to $2.125 million. The grant is reduced by $5 for each $1,000 above the threshold. The grant threshold applies across the province. The amounts are:

• $570 for the basic grant;

• $770 if the home is located in a northern or rural area;

• Up to $845 for homeowners age 65 and more or a homeowner with a disability; and

• Up to $1,045 for homeowners age 65 and more or a homeowner with a disability where the home is in a northern or rural area. Learn more. hogadmin@gov.bc.ca. 1-888-355-2700.

13. BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors: qualifying homeowners aged 55+ can defer property taxes.

Property Tax Deferment Program – Financial Hardship: qualifying low-income homeowners can defer property taxes.

Property Tax Deferment Program for Families with Children: qualifying homeowners who financially support children under age 18 can defer property taxes.

Learn more. Vancouver: 1-888-355-2700 or 250-387-0555.

14. Multigenerational Home Renovation Tax Credit

Families adding a secondary unit to their home for an immediate or extended family member to live with them can claim a 15 per cent tax credit for up to $50,000 in renovation and construction costs. Learn more.

15. Home Accessibility Tax Credit

Doubles the qualifying expense limit of qualifying home renovations up to $20,000 for 2022 and subsequent years. This tax credit is up to $3,000 for accessibility renovations or alterations. Learn more. 

16. Homebuyers’ tax credit for persons with disabilities

Persons with disabilities, or persons with a spouse or common-law partner with disabilities, may be eligible for a disability tax credit, even if they’re not a first-time home buyer. Learn more.

17. Tax deductions for moving for work

Persons who get a new job and move a minimum of 40 kilometres closer to work may be able to deduct all moving costs, including the costs of selling real estate, ending a lease or mortgage, flights, movers, and temporary housing. Learn more.

18. Expanded heat-pump program

BC’s expanded heat-pump program is taking applications, with savings of up to $24,000. Learn more here or call 1-833-856-0333 or email IncomeQualifed@betterhomesbc.ca.

19. BC Rebate for Accessible Home Adaptations

This program provides up to $17,500 in rebates for adaptations to a home. Must be a resident of BC with limited income and assets. Eligible households include homeowners and joint applications from tenants and landlords – someone in the household must have a permanent disability or loss of ability. Learn more. 604-433-2218 or 1-800-257-7756.

20. Home Renovation Tax Credit for seniors and persons with disabilities

Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. Maximum refundable credit: $1,000 per tax year, calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online. Learn more. 1-800-959-8281.

21. BC Electricity Affordability Tax Credit

A new, one year electricity affordability credit for all households, regardless of income starting in April 2024. Households will save on average $100 a year on their electricity bills. Commercial and industrial customers will receive savings of about 4.6 per cent based or about $400 on their 2023/24 electricity bills. Learn more.