As outlined in the notice, the province of British Columbia will provide a grant to purchasers of new residential housing acquired or constructed for use as a secondary or recreational residence. Through this grant, purchasers may recover a portion of the provincial component of the HST paid on newly constructed or substantially renovated homes located outside the Capital Regional District and the Greater Vancouver Regional District, up to a maximum of $42,500.
This grant will apply to HST paid on qualifying purchases on or after April 1, 2012 and before April 1, 2013. Qualifying purchases include the following:
- purchases of new secondary or recreational residences together with land;
- purchases of new secondary or recreational residences together with leased land;
- purchases of new mobile homes and floating homes for use as a secondary or recreational residence;
- purchases of qualifying shares in a housing co-op for use as a secondary or recreational residence; and
- owner-built secondary or recreational residences.
Purchasers are required to submit their grant applications directly to the British Columbia Ministry of Finance within 6 months after the purchase and prior to October 1, 2013.
BC HST Notice #13