Home Owner Grant Change
Earlier this week, January 3rd, 2012, the Minister of Finance announced
that due to the rise in property values the threshold for the Home Owner
Grant will increase to $1,285,000 (from $1,150,000).
As you are probably aware, to qualify for the Basic Home Owner Grant you must be a Canadian citizen or landed immigrant and ordinarily reside in the province. You must be the registered owner or eligible occupant (such as the spouse of the registered owner) and the home must be your permanent/primary residence (not an investment property or vacation home). In Greater Vancouver, the full basic grant can save you $570 on your property taxes annually. You may also qualify for an additional grant of up to $275 if you are over 65, have a permanent disability, or are a veteran of certain wars. With the increase to the limit is it estimated that at least %95.5 of homes will have a tax assessed value under the new threshold. If the tax assessed value of your home is over $1.285 million, you may still qualify for a partial grant.
If you have questions about the Home Owner Grants or other property tax breaks, such as deferral plans, ask your accountant or click here.
As you are probably aware, to qualify for the Basic Home Owner Grant you must be a Canadian citizen or landed immigrant and ordinarily reside in the province. You must be the registered owner or eligible occupant (such as the spouse of the registered owner) and the home must be your permanent/primary residence (not an investment property or vacation home). In Greater Vancouver, the full basic grant can save you $570 on your property taxes annually. You may also qualify for an additional grant of up to $275 if you are over 65, have a permanent disability, or are a veteran of certain wars. With the increase to the limit is it estimated that at least %95.5 of homes will have a tax assessed value under the new threshold. If the tax assessed value of your home is over $1.285 million, you may still qualify for a partial grant.
If you have questions about the Home Owner Grants or other property tax breaks, such as deferral plans, ask your accountant or click here.