B.C.'s homeowner grant threshold rises to $1.65 million
Last year the limit to receive the $570 grant was set at $1.6 million.
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The property value threshold for British Columbia’s homeowner grant will once again be raised to reflect rising property values, but the increase isn’t as dramatic as last year’s $400,000 boost.
This year, homes worth $1.65 million will be eligible for the grant, which will ensure the same percentage of homeowners as last year can benefit from the grant, according to the provincial government. The basic grant is worth $570 and seniors or people with disability can get up to $845.
Last year, the threshold was set at $1.6 million, a significant bump up from 2016’s limit of $1.2 million. This year, providing the grant will cost $825 million of public money.
The homeowner grant is meant to provide tax relief to homeowners who may struggle to keep up with rising property tax as home values rise. But critics say the grant is a poor use of taxpayer funds as it applies to both well-off homeowners and those who are on fixed incomes and struggling to stay in their homes.
In addition to the homeowner grant, homeowners over the age of 55 can defer their property taxes for as long as they own their home.
The B.C. NDP campaigned on a promise to introduce a $400 grant for renters in an attempt to give renters a similar benefit that is available to homeowners. However, that renters’ grant has yet to be introduced.