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Find out about the Property Transfer Tax First-Time Home Buyers' Program.
Get answers to your questions about the B.C. First-Time New Home Buyers' Bonus.
The deadline to apply for the B.C. First-Time New Home Buyers' Bonus is March 31, 2015. Applications will not be accepted after the deadline.
A first-time home buyer is an individual who has never previously owned a primary residence anywhere in the world.
A primary residence is generally a house that you own, jointly or otherwise, and that you intend to live in on a permanent basis. You may have more than one place of residence, but you are considered to have only one primary residence.
Eligible new homes include:
A substantially renovated home is one where all, or substantially all, of the interior of the building has been removed or replaced. Generally, 90% or more of the interior must be renovated to qualify.
Eligible homes include detached houses, semi-detached houses, duplexes and townhouses, residential condominium units, mobile homes and floating homes, and residential units in a cooperative housing corporation.
The bonus is available for newly constructed and substantially renovated homes in B.C. purchased from a builder, where:
The bonus is available for new owner-built homes, where:
The bonus is equal to 5% of the purchase price of the home or, in the case of owner-built homes, 5% of the land and construction costs subject to HST. The maximum bonus is $10,000.
The bonus is reduced based on an individual’s/couple’s net income (line 236 of your income tax return) using the following formula.
If you claimed the B.C. HST New Housing Rebate, you can apply for the bonus by completing the Application for the B.C. First-Time New Home Buyers’ Bonus (FIN 520) (PDF).
If you are married or have a common-law spouse, your spouse must complete the Schedule A – Certification of B.C. First-Time New Home Buyers’ Bonus (FIN 520A) (PDF). In the case of multiple buyers of a new home, the other co-owners must also complete the Schedule A.
Please note: The person who claimed the B.C. HST New Housing Rebate is the person who must complete the Application for the B.C. First-Time New Home Buyers’ Bonus.
Penalty for False Declaration - make sure that you understand the consequences of making a false declaration. If you knowingly make or participate in making a false statement that results in an excess bonus amount, you may be charged an amount equal to double the amount of the bonus (the bonus plus a penalty equal to the bonus amount).
You must file your application for the bonus on or before March 31, 2015.
You will need to provide the following documentation with your application.
For owner-built homes, you must keep receipts for all construction costs.
The bonus will be issued after all supporting information is received and your claim has been reviewed. If your claim is adjusted or denied, an explanation will be provided in writing (Notice of Determination).
You have the right to appeal:
To appeal, send written notice to the Minister of Finance within 90 days of the date on the Notice of Determination. If sent by mail, the appeal is considered to have been received by the ministry on the day it was mailed. A separate appeal must be filed for each Notice of Determination you are disputing.
The appeal must be in writing and sent or faxed to:
Be sure to clearly state the following:
If someone is representing you, or you are representing the taxpayer, a signed Authorization (FIN 87) (PDF) allowing us to discuss the matter with the representative must be provided.
Once an appeal is received, the Minister will consider the matter and notify you in writing of the decision.
Please note: If you’ve been charged a penalty or required to repay all or part of the bonus, you have to pay these amounts even while they’re under appeal. You should direct any questions about payment of these amounts to the number listed on your Notice of Determination.
The following legislation applies to the B.C. First-Time New Home Buyers’ Bonus: