I find helping clients purchase their first-home is so rewarding as I witness my clients realize their dream of home ownership. I understand their excitement and anxiety as purchasing a home is probably the largest investment that they will make in their lifetime. My clients are entrusting me to guide them through the process and I am committed to be there for them.
- For first-time home buyers, the federal government’s Home Buyers’ Plan allows you to use up to $25,000 of your RRSP savings ($50,000 for a couple) to help finance your down-payment (not taxable as long as repaid within a 15-year period).
Website address: http://www.cra-arc.gc.ca/hbp/
- The federal government offers a First-Time Home Buyers’ Tax Credit to help with the purchase of a first home. The $5,000 non-refundable tax credit provides up to $750 in federal tax relief.
For more information for this credit and other credits, please visit: http://www.cra-arc.gc.ca/tx/ndvdls/sgmnts/hmwnr/menu-eng.html
- All land or an interest in land, when purchased in Ontario, is subject to the land transfer tax. Beginning January 1, 2017, the maximum amount of the land transfer tax refund is $4,000 (was previously $2,000).
Website address: http://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html
- The Financial Consumer Agency of Canada offers a three-step guide to successful mortgage shopping: 1) Know what you need and want in a mortgage; 2) Shop around and get pre-approved; 3) Make the right decision for your needs. An independent mortgage agent is able to help you with these three steps.
Website address: http://www.fcac-acfc.gc.ca/eng/resources/publications/mortgages/pages/buyingyo-acheterv-11.aspx
- The Canadian Mortgage and Housing Corporation (CMHC) website provides a wealth of information for home-buyers. For over 65 years, the CMHC has been helping Canadians achieve the dream of home ownership.
Website address: https://www.cmhc-schl.gc.ca/en/co/buho/