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The B.C. First-Time New Home Buyers' Bonus

Blog by Jeff Fitzpatrick | February 23rd, 2012

Subject to approval by the legislature, the B.C. government intends to implement a temporary BC First-Time New Home Buyers' Bonus. Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal income tax credit worth up to $10,000.

Requirements to Qualify for the Bonus


You will qualify as a first-time new home buyer if:
  • You purchase or build an eligible new home located in BC
  • You, or for couples, you and your spouse or commo law partner, have never previously owned a primary residence;
  • You file a 2011 BC resident personal income tax return, or if you move to BC after December 31, 2011, you file a 2012 BC resident personal income tax return (you will not be eligible for the bonus if you move to BC after December 31, 2012
  • You are eligible for the BC HST New Housing Rebate; and
  • You intend to live in the home as your primary residence.


An eligible new home includes new homes (i.e., newly constructed and substantially renovated homes) that are purchased from a builder and that are owner-built. The bonus will be available in respect of new homes purchased from a builder where:
  • A written agreement of purchase and sale is entered into on or after February 21, 2012;
  • HST is payable on the home (e.g., HST will generally be payable if ownership or possession on the home transfers before April 1, 2013 - see further details below); and
  • No one else has claimed bonus in respect of the home. 

Full details available here: 2012 First Time New Home Buyer Facts