B.C. First-Time New Home Buyers’ Bonus Clarification

Please note that this bonus nothing to do with a home buyer's income tax return itself. The home buyer, assuming he or she meets the criteria, applies for the bonus. If they are eligible, the government approves the application and sends a cheque to the applicant for the amount claimed up to $10,000.

The credit will be available on purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale is entered-into on or after February 21, 2012.

For the Finance Minister’s speech and more details on Budget 2012, visit www.bcbudget.ca.

Visit the Province’s website at www.gov.bc.ca for online information and services.