Currently there are 27 cost-saving programs, grants, rebates and other offers for BC home buyers and home owners.
New to the list this year are the BC Seniors’ Home Renovation Tax Credit, rebates for Energy Star appliances and new BC Hydro Power Smart programs for businesses.
Below are just a few to mention, or view the complete summary list of all 27 grants and rebates:
Heritage Energy Retrofit Grant (Pilot Program)
Grants of up to $3,000 per household to assist with energy retrofits for Vancouver homes built before 1940 and homes listed on the Vancouver Heritage Register. This pilot runs to August 31, 2016. It is sponsored by Vancouver Heritage Foundation and the City of Vancouver Sustainability Group with assistance from City Green Solutions. Qualifying retrofits include insulation, air sealing, window repairs and storm windows, and high efficiency forms of heating and hot water. Learn more. Terms/Conditions Grant application
Energy Conservation and Assistance Program
BC Hydro and FortisBC offer free energy assessments and energy saving products to income-qualifying households. Qualified contractors will install upgrades ranging in value from $300 to $5,000 depending on the need of the home.
BC Seniors’ Home Renovation Tax Credit
Assists eligible seniors 65+ with the cost of certain permanent home renovations to a principal residence to improve accessibility or help a senior be more functional or mobile at home. The maximum amount of the refundable credit is $1,000 per tax year and is calculated as 10% of the qualifying renovation expense (maximum $10,000 in expenses). Learn more. Canada Revenue Agency or toll-free 1.800.959.8281
First-Time Home Buyers’ Tax Credit (HBTC)
A federal non-refundable income tax credit for qualifying buyers of detached and attached homes, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2014) x $5,000. For the 2015 tax year, the maximum credit is $750.Learn more. 1.800.959.8281
Home Buyers’ Plan
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.Canada Revenue Agency. Learn more or to participate in the Home Buyers’ Plan or call 1.800.959.8287
To see all 27 cost-saving programs, grants and rebates, click here.