WHEREAS the provincial Home Owner Grant Program is in place to provide tax relief for individuals at their principle residence; AND WHEREAS the eligibility criteria includes an administrative policy to claim a grant for only one tax year after a home is destroyed by fire or other natural disaster; AND WHEREAS the property at 1200 Pacific Street in Coquitlam is under permit to be remediated following a fire on July 20, 2006; AND WHEREAS it is highly unlikely that a remediation project for 40 apartment units would be completed within the next tax year; AND WHEREAS the construction market in British Columbia puts further strain on property owners ability to complete major remediation projects within the next tax year: THEREFORE BE IT RESOLVED that the provincial Home Owner Grant Program be amended to include criteria for the next two tax years following a fire or natural disaster.
Ministry of Finance In Budget 2008, the government extended the eligibility requirements for the Home Owner Grant to ensure that a person who ceases to occupy their residence because of damage or destruction from fire, flood or other natural disasters during reconstruction or repair may claim the grant or the low-income grant supplement for up to two taxation years, provided the following criteria are met: The person occupied the residence as their principal residence before it was damaged or destroyed and intends to reoccupy it as their principal residence once it has been reconstructed or repaired; The residence is unoccupied and is not rented or for sale during the absence; and The person would have been eligible for a grant or a low-income grant supplement had the damaged or destroyed residence continued to be their principal residence during the absence.