If you have hired a Builder or a General Contractor to build you a Custom Home within the last 2 years that is or will be used as your Principal Residence and has a fair market value of up to $450,000, then you may be entitled to a tax-free Housing Rebate of up to $6,300 from the Government.
The Housing Rebate applies to:
Who can apply for the Custom Home Rebate British Columbia, Canada?
In order to qualify for the Rebate, the Custom Home must be owned by a person or group of people.
How much is Custom Home Rebate in British Columbia, Canada?
The Custom Home Rebate is a maximum of $6,300.
Do Cottages Qualify for the Custom Home Rebate in British Columbia, Canada?
In order to qualify for the Custom Home Rebate, the Custom-Built Home must be your primary residence. If the cottage is a secondary property it will not qualify.
What if I built the home in British Columbia, Canada and a family member lives in it?
In order to apply for the Custom Home Rebate the homeowner does not need to live in the Custom Home. A close family member may however live in Home. A homeowner can apply for a Custom Home Rebate if any of the following family members use the Custom Home as their primary residence including:
How long do I have to apply for the Custom Home Rebate in British Columbia, Canada?
A homeowner of a custom-built home has 2 years to build a home, and 2 years from the date they moved into the Custom Home to apply for the Rebate. Therefore, a homeowner can apply for the rebate up to 4 years retroactive from the day they started work on their custom home. After this deadline, the Custom Home Rebate is no longer claimable.
Do I need to live in British Columbia, Canada in order to apply?
A homeowner does not have to reside in Canada in order to apply for the Rebate. If you own a home that you custom-built and a close relative is using it as their primary residence, you are entitled to receive a Custom Home Rebate no matter where you live in the world.
What happens if I built the Custom Home in British Columbia, Canada to flip it?
When should I apply for the Custom Home Rebate in British Columbia, Canada?
You can apply for the Custom Home Rebate when the home is 90% complete.
How long does it take to receive the Custom Home rebate in British Columbia, Canada?
Once the Custom Home Rebate application is filed you should receive your tax-free rebate cheque in 4-5 weeks.