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BC Provinical budget to help 1st time home buyers and seniors

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Blog by Bettina Reid Personal Real Estate Corporation | February 21st, 2012

For those of you that weren't aware of it the BC government came out with their provincial budget today and it held some interesting things for 1st time home buyers and seniors.

There will be a temporary one time refundable tax credit of up to $10,000 for 1st time home buyers purchasing in a newly constructed home. The credit will be calculated as five per cent of the purchase price of the home up to a maximum credit of $10,000. This should help to boost new home sales and encourage Buyers that were thinking of waiting until the HST is fazed out in 2013 to purchase sooner rather than later. This credit will only be available to those who have entered into a Contract of Purchase and Sale after February 20, 2012.

The budget also includes a BC Seniors Home renovation Tax Credit to help seniors over the age of 65 years old allowing them the flexibility to remain in their home. This credit is for Seniors whether they own their home or rent as well as for people living with seniors in their home.

For more information on the breakdown of these credits and the rest of the budget details visit the BC provincial government website at the following link: