Everyone seems to be abuzz since B.C. government’s announcement on January 10, 2017 that it will be increasing its homeowner’s grant threshold from 1.2M to 1.6M.
What is B.C.’s homeowner grant?
B.C.’s homeowner’s grant was put in place to reduce the amount of property tax a homeowner will pay for their principal residence.
The grant is made available to any homeowner who pays property tax to a municipality or directly to the province of B.C. if they reside in a rural area.
Who’s eligible to B.C.’s homeowner’s grant
You may be eligible to receive a homeowner’s grant if you are:
- under the age of 65
- a senior citizen
- a veteran
- a person with a disability
- living with a spouse or relative with a disability
- a spouse or relative of a deceased owner
To review full details on the grant, you may visit the B.C. government website here
Feedback about the increase in threshold
As you might have guessed, not everyone is happy about the recent increase in the grant’s threshold.
Vancouver Point Grey MLA, David Eby, notes that the increase is one of many last ditch efforts the B.C. government is making to solve an issue that had already boiled over years ago.
‘They [the government] is reacting to patch things up two years too late, and it’s a giant mess,” says Eby.
Why the increase?
We can’t be too sure, though there is suspicion among decision makers that homeowners may be taking advantage of these grants.
"The idea that there are all these really rich homeowners that are somehow leeching off the system is a bit of a fiction," explains Eby.