Did you know that as a homeowner in BC, if you own and live within your home in the Fraser Valley you can be eligible for the annual homeowner grant?
Yes, that’s right… just recently the provincial government announced a new cap for the grant, ensuring 92% properties will be covered which also lowers the amount of taxes homeowners will pay for their home.
The recent B.C. Assessment valuations have shown increases in every part of the province. If your principal residence home values under $2 Million, you can still be eligible.
You might wonder how much is this grant really? A basic grant can be up to $570 for properties within the Fraser Valley. Yet, in addition to the regular grant, you may qualify for an additional grant if you are:
- A senior
- A veteran
- A person with disability
- Living with a spouse or relative with a disability
- A spouse or relative of a deceased owner
How else is your qualification determined? You must be:
- A registered owner of the residence (or a spouse or relative of the deceased owner)
- Be a Canadian citizen or permanent resident of Canada
- Live in B.C.
- Occupy the residence as your principal residence
You can apply for the grant at any point in the tax year, and if you qualified for the grant last year and didn’t apply you may still be able to claim the grant!
Visit BC Government website for more details on how to apply.
Resources:
https://bc.ctvnews.ca/b-c-s-homeowner-grant-threshold-raised-as-property-values-increase-1.5728964
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/home-owner-grant