Government announces the 2012 budget today, more good news
Tuesday, February 21, 2012 at 07:00PM Fiscal Discipline for a Stale Economy
BURNABY, BC (February 21, 2012) - The Minister of Finance, Honourable Kevin Falcon announced the 2012 budget today with more positive news for the residential construction industry. Last week the Minister released the new harmonized sales tax (HST) transition rules, which will take effect April 1, 2012. Announced today:
$10,000 First Time New Home Buyer Bonus
BC First Time Home Buyers are eligible for an income tax credit bonus effective February 1, 2012 to March 31, 2013 calculated at 5% of purchase price, up to a maximum of $10,000.
BC Seniors Home Renovation Tax Credit
Up to $1,000 a year for those over 65 years old to assist with increased independence and flexibility to remain in their homes longer.
Release of Surplus Corporate Assets
Surplus properties and assets, will be released for sale including parcels of land previously acquired for development of transport corridors and parcels of crown land, providing potential building sites.
"Renovations in BC are a $7 billion business, we had hoped that the finance department would adopt our suggestions on a renovation tax rebate on all renovations to help mitigate the negative impact of the HST," said Doug Wittal, President of the Canadian Home Builders' Association of BC. "but measures announced today, combined with Friday's announcement on the HST transition rules will certainly stimulate small renovations for seniors, and assist first time home buyers facing the challenge of getting into the housing market."
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