Tuesday, 16 June 2015

First-Time Buyer Benefits

First-Time Home Buyers are fortunate to have some benefits when thinking about buying that first home. Make sure to read my FAQ's and check out my Resources to get all the information you need to be ready to buy when the time comes.

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.


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