It is important that we understand the nuances of this program released in our BC Budget, so we have put together a few key points to consider.
- The credit is equal to 5% of the home price, subject to a maximum of $10,000
- The bonus is based on your income and phases out for higher income families
- The bonus is will be revieved after approval and a cheque will be sent to you after approved by the Goverment (avaliable later this year on the goverment website is sent from the borrower with your annual tax return). Hence, it is not to be construed as funds that are available at closing date on a purchase.
- This credit only applies to brand new homes
- This credit only applies to first time homebuyers
For more information please see http://www.bcbudget.gov.bc.ca/2012/homebuyers/2012_First_Time_Home_Buyers_Fact_Sheet.pdf or call The Income Taxation Branch 1-877-387-3332 and press 0 to speak with them directly.
We look forward to helping you with the best mortgage for your next purchase, contact us directly to get started.
Angela Callla, AMP Dominion Lending Centres
firstname.lastname@example.org 604-802-3983 t: angelacalla