Home owner’s grant
You can claim a home owner’s grant on your principal residence if you are a Canadian citizen, or Permanent Resident and reside in B.C. It does not apply to second homes, investment properties or any properties you hold in BC while you are non-resident.
The application for the home owner grant is on your property tax notice. Complete the grant application form and return it to the Surveyor of Taxes office or the Government Agents office with your payment by July 4 to avoid the 5% late penalty.
Information on how to claim a home owners grant is available on the BC Ministry of Provincial Revenue – Property Taxation branch.
http://www.rev.gov.bc.ca/Rpt/home_owner_grants.htm
How is the grant calculated?
The maximum grant payable was increased in the Provincial budget in February 2006 and is now:
- $570 for most home owners
- $845 for those entitled to the additional home owner grant
i.e. seniors, disabled and veterans
The threshold for the grant has been increased as of 2007. Your grant is reduced if your property is above the threshold value, currently (January 2007) $950,000. Above this value your grant is reduced by $5 for every $1,000 above the threshold.
As a result, a partial grant will be available for properties with an assessed value between $950,000 and $1,064,000.
For seniors and other home owners who receive the additional Home Owner Grant, a partial grant will be available for properties with an assessed value of up to $1,119,000.
