BC's Home Owners Grant (HOG), based on the annual assessments, ensures that 95.5% of principle residences in BC get a rebate on their property taxes.

The threshold before the basic grant starts being reduced, was raised from $1,150,000 in 2011 to $1,285,000 in 2012. The elimination threshold was also raised, from $1,285,000 to $1,399,000.

How it works...

Basic Grant

• $570 reduction in taxes for your principle residence if you live in Greater Vancouver, Fraser Valley, or in the Capital region and the assessed value of your home is below $1,285,000.

• Reduced by $5 for each $1000 in assessed value between $1,285,000 and $1,399,000

• Eliminated when the assesed value is greater than $1,399,000.

Rural Grant

• An addtional $770 grant is applied to rural principle residence owners who live outside the Basic Grant area.

• Reduced by $5 for each $1000 in assessed value between $1,2895,000 and $1,454,000.

• Eliminated when the assessed value is greater than $1,454,000.

65+, Permanently Disabled, War Vets

• An additonal $275 grant

• The grant is reduced by $5 for each $1000 in assessed value between $1,2895,000 and $1,454,000.

• Eliminated when the assessed value is greater than $1,454,000.

For further information see: Home Owners Grant

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. 

How it works:

• Both the Buyer and the home must qualify
• 5% of the purchase price to a maximim of $10,000.00
• Phased out for high income earners bassed an individual's or couples net income (Line 236 on your tax return)
• Singles: Reduced by 20 cents for every dollar earned over $150,000 down to zero by $200,000
• Couples: Reduced by 10 cents for every dollar earned over $150,000 down to zero by $250,000

For more information on qualifying and how to apply see: Fact Sheet