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How to Complete the Application for the B.C. First-Time New Home Buyers' Bonus (FIN 520)

Who should use the application for the B.C. First-Time New Home Buyers' Bonus?

Complete and file this application if:

  • You purchased or built a new home in B.C.
  • You and your spouse or common-law partner have never previously owned a primary residence anywhere in the world
  • In the case of multiple buyers, each buyer has never previously owned a primary residence anywhere in the world
  • You file a 2011 B.C. resident personal income tax return or, if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal tax return (you are not eligible for the bonus if you move to B.C. after December 31, 2012)
  • You are eligible for the B.C. HST New Housing Rebate
  • You intend to live in the home as your primary residence
  • The written agreement of purchase and sale for the home or land is entered into on or after February 21, 2012 and before April 1, 2013
  • Ownership or possession of the home transfers before April 1, 2013 or, in the case of owner-built homes, construction of the home is substantially completed, or the home is occupied, before April 1, 2013
  • No one else has claimed a bonus for the home

Please note: The person who claimed the B.C. HST New Housing Rebate is the person who must complete the application.

Applicant Information (Lines 002 to 024)

Applicant’s Name

Provide your last name, first name and middle initial.

Social Insurance Number

Provide your 9-digit social insurance number.

Address

Provide your mailing address. This is where the BC First-Time New Home Buyers’ Bonus will be mailed. Use the two letter abbreviation for the province or state (BC, AB, WA etc.) and the same for the country (CA, US).

Check this box if you authorize the ministry to correspond with you by fax or email.

Please indicate whether you allow ministry staff to correspond with you by fax or email by checking the box.

Eligibility Requirements (Lines 100 to 107)

Line 100 – Are you a first-time home buyer?

A first-time home buyer is a person who has never previously owned a primary residence anywhere in the world. In the case of multiple buyers of a home, each buyer must be a first-time home buyer.

Line 101 – Is the new home your primary residence?

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.

Line 102 – What is the eligible tax year?

If you were resident in B.C. on December 31, 2011, the eligible tax year is 2011.

If you moved to B.C. between January 1, 2012 and December 31, 2012, the eligible tax year is 2012.

If you were resident in B.C. on December 31, 2011, but your spouse or common-law partner and/or the other owners of the new home moved to B.C. between January 1, 2012 and December 31, 2012, the eligible tax year is 2012.

If you move to B.C. on or after January 1, 2013, you are not eligible for the bonus.

Line 103 – Were you a BC resident on December 31 of the eligible tax year?

To qualify for the bonus, you must be a B.C. resident on December 31 of the eligible tax year (see line 102).

Line 104 – Did you file a BC resident income tax return for the eligible tax year?

To qualify for the bonus, you must have filed a B.C. resident income tax return for the eligible tax year (see line 102). You will need to provide a copy of your Notice of Assessment issued by the Canada Revenue Agency with your application.

Line 105 – Are you married or in a common-law partnership?

If you are married or in a common-law partnership, your spouse or common-law partner must:

Line 106 – Have you applied for the B.C. HST New Housing Rebate?

To qualify for the bonus, you must be eligible for the B.C. HST New Housing Rebate. Your application cannot be processed until you apply for the B.C. HST New Housing Rebate for the home.

The person who claimed the B.C. HST New Housing Rebate (on a timely basis and no later than March 31, 2015) is the person who must complete this application. 

Answer yes to this question if your B.C. HST New Housing Rebate will be paid to the builder because the builder paid the amount of the rebate directly to you or credited it against the total amount payable for the home (including a mobile home or a floating home). In this case, you will need to keep a copy of the completed and signed GST/HST New Housing Rebate Application form (GST 190) that you gave to the builder and submit it with your application for the bonus. Section D of form GST 190 must be completed in full with the builder’s information and signature.

Line 107 – Has anyone else claimed the bonus for this home?

Only one person can claim the bonus for a new home.

Home Information (Lines 109 to 127)

Line 115 – Number of Owners

Enter the number of people that own this home. A person is considered to own the home if his or her name is included in the purchase and sale agreement. If this is an owner-built home, the co-owners are the people named in the purchase and sale agreement for the land and/or mobile home or floating home.

If more than one person owns this home, each person (other than the applicant) will need to complete and sign a Schedule A – Certification B.C. First-Time New Home Buyers’ Bonus.

Line 116 – Parcel Identifier Number

The parcel identifier number (PID) is a unique 9-digit number that is assigned to every parcel of land in B.C. Your PID should be on the agreement of purchase and sale for the home or land you purchased.

Leave this space blank if this is a mobile home or floating home that is not affixed to land and does not have a PID.

Lines 109-114 – Address of the New Home

Provide the address of your new home if it is different from the mailing address provided above. Use the two letter abbreviation for the province (BC) and the same for the country (CA).

Line 120 – Was your home purchased from a builder?

If your new home is a newly constructed or substantially renovated home that you purchased from a builder, answer yes to this question and complete lines 121, 122 and 123.

If this is an owner-built home, answer no and go to line 124.

Please note: The purchaser of a mobile home or floating home has the option of claiming either the new housing rebate for a house purchased from a builder or the owner-built new housing rebate. (If you have any questions, contact the Canada Revenue Agency at 1-800-959-8287).

If you claimed the new housing rebate for a house purchased from a builder for your mobile or floating home, answer yes to this question and complete lines 121, 122 and 123.

If you claimed the owner-built new housing rebate for your mobile or floating home, answer no to this question and go to line 124.

Line 121 – Was the purchase and sale agreement signed on or after February 21, 2012?

The bonus is only available for new house where a written purchase and sale agreement is entered into on or after February 21, 2012.

Line 122 – Date of Possession

This is the date you can take possession of the home. Possession generally means that you hold, control or occupy the property. The keys to the home are often given to the buyer on the possession date.

To qualify for the bonus, ownership or possession of the home must occur before April 1, 2013.

Line 123 – Date of Legal Ownership

This is the date on which ownership of the home is transferred from the seller to you.

If your home is in a co-operative housing corporation (co-op), enter the date you purchased your share in the co-op.

If your home is a unit in a condominium complex and you move into your home before the complex is registered, you are only eligible for the bonus if the unit is registered in your name before April 1, 2013, or the condominium complex is registered before January 31, 2013.

Line 124 – Is your home owner-built?

An owner-built home is one that you construct or substantially renovate, or that you hire another person to construct or substantially renovate. If the answer is yes, complete lines 125, 126 and 127.

If this is an owner-built home that you, as the owner-builder, sold by way of an exempt supply before you could occupy the home, attach a separate sheet to this form explaining the circumstances that led to the sale.

If you acquired property on or after February 21, 2012, you converted that property from non-residential use into your home, and you qualify for the B.C. HST New Housing Rebate, answer yes to this question and complete lines 125, 126 and 127.

Please note: The purchaser of a mobile home or floating home has the option of claiming either the new housing rebate for a house purchased from a builder or the owner-built new housing rebate. (If you have any questions, contact the Canada Revenue Agency at 1-800-959-8287).

If you claimed the owner-built new housing rebate for your mobile or floating home, answer yes to this question and complete lines 125,126 and 127.

If you claimed the new housing rebate for a house purchased from a builder for your mobile or floating home, answer no to this question and go to line 120.

Line 125 – Was the land purchased on or after February 21, 2012?

The bonus is only available for an owner-built home where a written purchase and sale agreement for the land is entered into on or after February 21, 2012.

Answer yes to this question if this is a mobile home or floating home that is not affixed to land and the written agreement of purchase and sale for the home is entered into on or after February 21, 2012. 

Line 126 – Date Home was Occupied

Enter the date you moved into your home.

To qualify for the bonus, the home must be substantially complete or occupied before April 1, 2013.

Line 127 – Date Home was Substantially Completed

Substantially completed generally means that construction or substantial renovation of a house is at a stage where a person can reasonably inhabit the premises. Minor repairs, adjustments or outstanding upgrades are not considered to impair the use and enjoyment of the house as a place of residence.

To qualify for the bonus, the home must be substantially complete or occupied before April 1, 2013.

Calculation of Bonus (Lines 200 to 350)

Line 200 – Amount of the BC HST New Housing Rebate

For a home purchased from a builder, enter the amount of your BC HST New Housing Rebate reported on line C, F or H of the GST190 British Columbia Rebate Schedule (Form RC7190 – BC).

For an owner-built home, enter the amount of your B.C. HST New Housing Rebate reported on line T of the GST191 British Columbia Rebate Schedule (Form RC7191 – BC).

The amount of your B.C. First-Time New Home Buyers’ Bonus cannot be greater than the amount of your BC HST New Housing Rebate.

Line 210 – Maximum Bonus

Enter the amount from line 200 or $10,000, whichever is less. This is the maximum amount of your B.C. First-Time New Home Buyers’ Bonus.

Bonus Reduction

Net income for the eligible tax year

Line 300 – Applicant

Enter the amount of your net income for the eligible tax year from line 236 of your T1 Income Tax and Benefit Return. Enter only your net income on this line, even if the home is owned by more than one person.

Line 310 – Spouse or Common-Law Partner

Enter the amount of your spouse or common-law partner’s net income for the eligible tax year from line 236 of their T1 Income Tax and Benefit Return. You must enter their net income even if your spouse or common-law partner is not an owner of the home.

Line 320 – Family Net Income

Add lines 300 and 310. This is your family net income.

Base Amount

The bonus is reduced for individuals and families with family net income above $150,000 for the eligible tax year.

Line 330 – Excess Income

If family net income is less than $150,000, enter zero on this line. Otherwise, subtract $150,000 from the family net income reported on line 320.

Line 340

If family net income is less than $150,000, enter zero on this line. Otherwise:

  • For single individuals, the bonus is reduced by 20% of family net income over $150,000. Multiply the amount on line 330 by 20% and enter the result on line 340.
  • For individuals who are married or have a common law partner, the bonus is reduced by 10% of family net income over $150,000. Multiply the amount on line 330 by 10% and enter the result on line 340.

Line 350 – Net Bonus

Subtract line 340 from line 210. This is the net bonus that will be paid if all eligibility criteria are satisfied.

Required Supporting Documentation (Lines 900 to 903)

You must attach copies of all documents that apply to your situation. Additional documents may be requested to determine your eligibility for the bonus.

Line 900 – Notice of Assessment of Income Tax

Attach a copy of your (and your spouse or common-law partner’s) Notice of Assessment issued by the Canada Revenue Agency for the eligible tax year.

Line 901 – GST/HST New Housing Rebate Application

For homes purchased from a builder, attach a completed and signed copy of your GST/HST New Housing Rebate Application for Houses Purchased from a Builder (Form GST 190), including the GST 190 British Columbia Rebate Schedule (Form RC7190 – BC).

If the builder paid the amount of the rebate directly to you or credited it against the total amount payable for a new house (including a mobile home or a floating home), attach a copy of the completed and signed GST/HST New Housing Rebate Application form (GST 190) that you gave to the builder. Section D of form GST 190 must be completed in full with the builder’s information and signature.

For owner-built homes, attach a completed copy of your GST/HST New Housing Rebate Application for Owner-Built Houses (Form GST 191), including the GST 191 British Columbia Rebate Schedule (Form RC7190 – BC).

Line 902 – Purchase and Sale Agreement

Attach a copy of your final, signed purchase and sale agreement for the new home (and/or the land, mobile home or floating home).

Line 903 – Schedule A – Certification BC First-Time New Home Buyers’ Bonus 

Attach a signed and completed Schedule A – Certification B.C. First-Time New Home Buyers’ Bonus (FIN 520A) for each co-owner and/or your spouse or common-law partner. A completed schedule must be included for your spouse or common-law partner even if they are not an owner of the home. 

Authorization (Lines 920 to 953)

Only complete the authorization section if you want to authorize us to discuss this application with someone in addition to yourself. For example, if you want your spouse, common-law partner or co-owner to be able to discuss this application with us on your behalf, you must enter that person's name as your authorized representative and complete lines 920 to 953. This would authorize the Ministry of Finance to discuss this application with you, your spouse, common-law partner or co-owner.

Applicant information is confidential. The Ministry of Finance requires the applicant's authorization to release confidential information to a person specified as their representative under the Income Tax Act (such as a spouse, lawyer or an accountant).

An existing authorization can be cancelled by notifying the Ministry in writing.

Certification (Lines 946, 950 and 955)

The form must be signed and dated by the applicant.

By signing this form, you certify that all of the information provided in the application is true, correct and complete.

In addition, by signing, you consent to allow the ministry to verify the information provided in this application.

Schedule A - Certification B.C. First-Time New Home Buyers' Bonus

Each co-owner of the home must complete and sign a separate copy of this form. The completed form must be attached to the Application for the B.C. First-Time New Home Buyers' Bonus (FIN 520).

The spouse or common-law partner of the applicant, if any, must complete and sign a copy of this form. The completed form must be attached to the Application for the B.C. First-Time New Home Buyers' Bonus (FIN 520).

Individual Information - Spouse, Common-Law Partner or Co-Owner (Lines 002 to 024)

Name of Individual

Provide your last name, first name and middle initial.

Social Insurance Number

Provide your 9-digit social insurance number.

Phone, FAX and E-mail Contact Information

This is the individual's contact information. This information cannot be the contact information of an authorized representative.

Address of Spouse, Common-Law Partner or Co-Owner

Provide your mailing address. Use the two letter abbreviation for the province or state (BC, AB, WA etc.) and the same for the country (CA, US).

Check this box if you authorize the ministry to correspond with you by fax or email.

Please indicate whether you allow ministry staff to correspond with you by fax or email by checking the box.

Line 116 – Parcel Identifier Number 

The Parcel Identifier Number (PID) is a unique 9-digit number that is assigned to every parcel of land in B.C. Your PID should be on the agreement of purchase and sale for the property or land.

Leave this space blank if this is a mobile home or a floating home that is not affixed to land and does not have a PID.

Eligibility Requirements (Lines 100 to 104)

Line 100 - Are you a first-time home buyer?

A first-time home buyer is a person who has never previously owned a primary residence anywhere in the world. In the case of multiple buyers of a home, each buyer must be a first-time home buyer.

Line 101 - Is the new home your primary residence?

A primary residence is generally a house that you own, jointly or otherwise, 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.

Line 102 -What is the eligible tax year?

You must enter the same eligible year as reported by the applicant on their form FIN 520.

For applicants who were resident in B.C. on December 31, 2011, the eligible tax year is 2011.

For applicants who moved to B.C. after December 31, 2011 and before January 1, 2013, the eligible tax year is 2012.

If the applicant moved to B.C. on or after January 1, 2013, they are not eligible for the bonus.

Line 103 - Were you a B.C. resident on December 31 of the eligible tax year?

You must confirm that you were a B.C. resident on December 31 of the eligible tax year.

Line 104 - Did you file a B.C. resident income tax return for the eligible tax year? 

You must have filed a B.C. resident income tax return for the eligible tax year (see line 102).

Certification (Lines 946 to 955):

The form must be signed and dated by the individual (the spouse, common-law partner or co-owner).

By signing this form, you certify that all of the information provided in the application is true, correct and complete.

In addition, by signing this form you consent to allow the ministry to verify the information provided in this form.

This information is not intended to replace the Income Tax Act. If there is any conflict between the information provided above and the legislation, the legislation will prevail.