Buy to Save - 12 programs to save when you are buying or renovating your home
May 25, 2023
Buy to Save - 12 programs to save when you are buying or renovating your home
Saving money is another way to make money. If you are not using these programs which offered by governments, it’s a loss for you and it’s a loss for the government in some way as well. So, please use these programs if you are qualified.
Please note, the following programs could changed any time, also there are many conditions and details for every single program. Please double check the programs before you make any decision. For your convenience, I posted the original link of the programs.
1. The Home buyers’ amount
For the 2022 and subsequent taxation years, the Budget proposes to increase the amount used to calculate the HBTC to $10,000, which would provide a tax credit of up to $1,500 to eligible home buyers, if both of the following apply:
a) You (or your spouse or common-law partner) acquired a qualifying home
b) You did not live in another home that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer)
This amount is changing all the time, for 2021 or earlier is $5000 only.
The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
You may withdraw up to $35,000 from your registered retirement savings plan (RRSP) tax-free to buy your first home.
Grants from $125 to $5,000, To get back a portion of your costs for eligible home retrofits. Interest-free loans of up to $40,000, with a repayment term of 10 years to help you undertake major home retrofits
7. CleanBC Better Homes and Home Renovation Rebate Program
Renovation, Up to $6000, B.C. citizens who live in an eligible home and have residential utility accounts with BC Hydro, FortisBC, or Municipal utilities
Up to $33,900. Based on your household income, the CleanBC Income Qualified Program offers enhanced rebates to make energy-saving home upgrades more affordable. It can help you:
9. CleanBC Better Homes Low-Interest Financing Program
The CleanBC Better Homes Low-Interest Financing Program provides loans with a promotional interest rate of 0% for switching from fossil fuel (oil, propane or natural gas) heating system to a heat pump. Up to a $40,000 loan
A Tax-Free Savings Account (TFSA) lets you save or invest your money tax-free. You won’t pay tax on money you withdraw from your TFSA. You can also use your TFSA to help you buy a home.
A Registered Retirement Savings Plan (RRSP) allows you to save money for your retirement. You don’t pay taxes on your savings until you withdraw money from the RRSP. You can also use your RRSP to help you buy a home.
This is not a real save for some situation but a tax-defer
The first time home buyers' program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
Organized by Morning Lee - Investor & Profit Coach
All about business & property - Just talk to me, I can help
Disclaimer: None of the information above should be considered legal advice. The information is a primer to help you understand business, investment, and money. Consult a lawyer for legal advice or an accountant for tax-related questions.
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Morning Lee
Investor and Profit Coach
It's all about business and property. Talk to me, I can help.