With the release of the 2012 provincial budget released on Tuesday, February 21st, a new tax break for first-time purchasers of new homes will aid in fueling the home construction industry and create new employment.
This temporary bonus for first-time homebuyers will be effective until March 31st, 2013 and is a one-time refundable personal tax credit that is equivalent to five per cent of the purchase price, up to $10,000.
The incentive includes detached homes, duplexes, townhouses, condos, mobile homes, floating homes, and cooperative housing units, is based on properties where the HST is now applicable.
With down payment being the biggest obstacle for buyers to enter the market these days, an amount of possibly $10,000 is a significant contribution.
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Also, click on the link below for The First-time Homebuyers Fact Sheet from the B.C. Government:
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