B.C. Home Owner Grant Threshold Increases in 2016

  • BC Homeowner Grant

Due to skyrocketing property values in Metro Vancouver, the B.C. government has raised the threshold for the Home Owner Grant for 2016.  B.C. residents who own homes valued up to $1.2 million may qualify to receive a full Home Owner Grant this year, while a partial grant may also be available if their homes are valued above this new threshold.

The Home Owner Grant was designed help keep property tax rates affordable for B.C. families and those who need it the most.  Last year, B.C. residents received approximately $800 million back from this program.  Under the new $1.2 million threshold, roughly 91{cae2521f64dcff784c511b644c6cc8c98f9594c79acdd41ba953a724385391e5} of B.C. homes now qualify for the full grant.

BC Homeowner Grant

Victoria Increases Threshold for Home Grant in 2016 Amidst Skyrocketing Property Values

For homeowners in Metro Vancouver, Fraser Valley and Capital Regional Districts, the basic grant will reduce their principle residence’s property taxes by up to $570, while those in the rest of the province will see reductions up to $770.

Low-income homeowners who would have been eligible for the additional grant if not for the high value of their homes can apply for a low-income grant supplement.

An additional grant up to $275 is also available for homeowners if they are:

  • A senior (65 or over)
  • A veteran
  • A person with disability
  • Living with a person with a disability

For those who still cannot keep up with their rising property assessments in B.C., they may also qualify to defer all or a portion of their property taxes.

The deferment programs offer low-interest loan to qualifying residents to defer payment of their annual property taxes until they sell or transfer ownership of their home, or it becomes part of an estate. These programs are open to homeowners who are 55 or older, surviving spouses of any age, persons with disabilities, and families with children.

Quick Facts:

  • For 2016, the threshold increases to $1.2 million, up 9.1{cae2521f64dcff784c511b644c6cc8c98f9594c79acdd41ba953a724385391e5} from $1.1 million in 2015.
  • Homes assessed up to $1.314 million in Metro Vancouver, Fraser Valley and Capital Regional district are eligible for a partial grant.  For these properties above the threshold, the grant is reduced by $5 for every $1,000 of assessed value in excess of the threshold.
  • The partial grants top out for homes assessed at $1.354 million for the rest of the province, and $1.409 million for those who also qualify for the previously aforementioned additional grants.
  • The grant is not provided automatically. Homeowners must apply every year. Applications are included with annual property tax notices.
  • The grant is available to Canadian citizens and to landed immigrants who normally reside in B.C.
  • The Province reimburses municipalities for the full cost of the home owner grant to ensure municipal revenues are not affected.
  • The home owner grant program began in 1957.

To learn more about the Home Owner Grant,  the property tax deferment programs, or other programs that can help you and your family, contact GB Pilley & Associates Ltd., Chartered Professional Accountants at 604 926 3522.

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2016-07-08T13:15:22+00:00