Save Money: Tips for Saving Money in Real Estate

BC Home Buyers and Sellers – Saving You Money

If you are a home owner in Kamloops or are planning to become one in the near future, there are a variety of options available to you that can save you a lot of money in the long run.

First Time Home Buyers’ Program

The First Time Home Buyers’ Program is designed to help assuage the property transfer tax. Those who qualify for the program can get some or all of this tax waived. In order to qualify, you must be a Canadian citizen or permanent resident and have lived in BC for at least a year. If you only live in BC some of the time, you must have filed taxes in BC at least two out of the past six years. This also must be the first home you have ever owned. The house itself must be located in British Columbia and be your primary residence. The home can have a value of up to $475,000.

Home Owner Grant

The Home Owner Grant is available to Canadian citizens or permanent residents under the age of 65. This grant reduces the amount of property taxes you must pay each year. To qualify for this grant, you must own a property in BC and use it as your primary residence. While you must pay at least $350 in property taxes before applying for the grant, it can help to lessen your tax liability after that initial amount, which funds certain government services like road maintenance and the police. If your home has a value of $1,200,000 or less, the grant can reduce your taxes by up to $570.

Home Buyers’ Plan

The Home Buyers’ Plan lets you take up to $25,000 out of your registered retirement savings plan (RRSP) to use to buy or build a home. You must repay the funds to your RRSP within 15 years, or you will be taxed on it as income. To qualify for the plan, you must be a first time home buyer and plan to use the home as your primary residence. You also must have written documentation of your purchase of the home. After the first year that you have been in the home, you must start making your repayments.

When you decide that you are ready to buy a home and take advantage of these great money-saving options, contact me  to find your next Kamloops home!

Categorised in: Buyers, Real Estate

This post was written by kamloopshomesearchcom