Home Owner Grant Changes
You may already know this but yesterday's provincial budget contained some
changes to the Home Owner Grant. Here is the text from the government
website.
"On February 21, 2006, the Minister of Finance announced changes to the
grant amount and the phase out threshold for the Home Owner Grant.
Effective for the 2006 tax year, the basic home owner grant increases to
$570 from $470 and the additional grant will increase to $845 from $745.
The phase out threshold of the home owner grant increases to $780,000 from
$685,000. The grant phase out rate continues at $5 per $1000 of assessed
value above the threshold.
A partial grant will apply to properties valued between $780,000 and
$894,000. For seniors and other home owners receiving the additional grant,
a partial grant will be available for properties valued up to $949,000.
For complete details, visit the government website at
http://www.rev.gov.bc.ca/Rpt/DetailedPages/2006_budget_changes.htm.