Finance Minister Carole Taylor’s budget eliminated the homeowner-grant ceiling for seniors whose ballooning house wealth is outstripping their limited incomes.
Taylor, on Jan. 12, raised the ceiling at which the grant starts to be reduced to $950,000 from $780,000 to reflect another huge jump in property assessments across the province.
However, Taylor said she had received too many calls and letters from seniors who told her they couldn’t afford to lose the grant, and even that raise wouldn’t help them.
“I think this will really help a lot of people be able to stay in their homes and continue to be independent rather than be forced to sell their homes,” Taylor said.
The measure will restore the full, $845 grant to low-income seniors and people with disabilities. The qualifying income has yet to be determined, but Taylor said the measure is expected to cost $42 million.
The province will also spend $63 million on extending the property-transfer-tax exemption for first-time buyers to a $375,000 cuttoff. Taylor said that lifts the exemption $50,000 in the Lower Mainland and $100,000 to buyers in the rest of B.C.
In addition, Taylor said she will also extend the property-tax deferral program that allows retirees to put off paying full property taxes until they sell their homes to age 55 from 60.
© Vancouver Sun 2007
Taylor, on Jan. 12, raised the ceiling at which the grant starts to be reduced to $950,000 from $780,000 to reflect another huge jump in property assessments across the province.
However, Taylor said she had received too many calls and letters from seniors who told her they couldn’t afford to lose the grant, and even that raise wouldn’t help them.
“I think this will really help a lot of people be able to stay in their homes and continue to be independent rather than be forced to sell their homes,” Taylor said.
The measure will restore the full, $845 grant to low-income seniors and people with disabilities. The qualifying income has yet to be determined, but Taylor said the measure is expected to cost $42 million.
The province will also spend $63 million on extending the property-transfer-tax exemption for first-time buyers to a $375,000 cuttoff. Taylor said that lifts the exemption $50,000 in the Lower Mainland and $100,000 to buyers in the rest of B.C.
In addition, Taylor said she will also extend the property-tax deferral program that allows retirees to put off paying full property taxes until they sell their homes to age 55 from 60.
© Vancouver Sun 2007
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