Here are a few of the programs you might be eligible for if this will be your first home purchase:
Property Title Transfer Tax Exemption
This program refunds some of the property transfer taxes
paid to the buyer(s). The refund is the amount of tax normally due on that
property, up to a maximum of $7500(max $475,000 property), and properties up to
$499,000 are eligible with the credit decreasing proportionally with property
value. To qualify, you must be a “first-time buyer” as defined by the
program(see:Here for more details).You
may also be eligible if only one spouse/partner is a first-time buyer but you will
only receive a portion of the refund (usually 50%).
RRSP Home Buyer's Plan
This is a federal government program which allows first-time buyers to utilize some of their existing RRSP savings in order to purchase a
qualifying home. This is a great option for people who have some savings tied
up in RRSP’s and would like to use them without paying income tax on the
amounts used for your purchase. Each person can generally take out up to
$25,000, and they must follow the guidelines for repaying that amount over a
maximum of 15 years. Please see: http://www.cra-arc.gc.ca/hbp/
for the details.
New Home GST Rebates
This rebate program is important not just for first-time buyers, but for anyone who is looking to purchase a qualifying new or
substantially renovated property. There are some specific criteria to meet
depending on you and your property’s unique circumstances, but this can save
you some of the GST/HST you might have to pay on a new home purchase. Visit: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/hsng/rbts/nwhsng/menu-eng.html
to learn more about eligibility and amounts.
For the most up-to date Mortgage Information and rates, please visit our website at www.ryanWsmith.ca or follow us at:
For the most up-to date Mortgage Information and rates, please visit our website at www.ryanWsmith.ca or follow us at:
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