Goods and Services Tax – B.C. Real Estate Lawyers
Our good friends at https://bcrealestatelawyers.com/ have developed a simple GST calculator on their website. This is a great tool to be used as the rules recently changed and there are specific dates and so forth to watch out for such as when you’re a First Time Buyer…
GST Calculator for First Time Home Buyers
The First Time Home Buyer (FTHB) GST rebate applies for eligible individuals who have entered into a contract of purchase and sale for a new property between March 20, 2025 and January 1, 2031.
To be considered a FTHB for the FTHB GST rebate, the Buyer must:
- Be at least 18 years of age;
- Be a Canadian citizen or permanent resident of Canada;
- Not lived in a home that you or your spouse owned, or jointly owned, anywhere in the world as your principal residence at any time in this calendar year or the previous four calendar years; and
- Neither you, nor your spouse, have previously received at FTHB GST rebate.
The FTHB GST Rebate applies for properties:
- With a Fair Market Value (FMV) at or below $1,000,000, full rebate applies;
- With a FMV between $1,000,000 and $1,500,000, a partial rebate applies; and
- With a FMV over $1,500,000, no GST rebate applies.
Other conditions may have to be satisfied, if you have any questions on whether you or your client can claim the FTHB GST exemption, please email us!