We help simplify the buying process and worry about all the financing details so you can get down to finding the right property for you and your family. We are here to help you get the best rate and mortgage terms around.
The first-time home buyers tax credit is one of the great rebates at the end of the year that you can claim after you buy your first home. The rebate is for $750 for all first-time home buyers and must be claimed within a year of your home purchased. The rebate was introduced by the Canadian Federal government in 2009. This rebate helps recover some of the costs of buying your first homes such as legal fees and home inspections. To claim your $750, you must include it with your personal tax return underline 369
The Canadian government offers a wide arrange of incentives for first time home buyers that can help you purchase our new home. For residents living in Ontario, there’s a first-time home buyer tax credit and rebate also RRSP home buyers plan, Land Transfer Tax Rebate, GST/HST New Housing Rebate and the first-time home buyer incentive program. All of these programs are essential for you to use when buying your first home. New Life will make sure that we inform you and educate you on all of these programs that are offered.
First Time Home Buyer's Land Transfer Tax Rebate
For first time home buyers in Ontario, you can get a land transfer tax rebate of up to $4,000. Ontario land transfer tax rebate will cover the full tax of a home purchase of up to $368,333. For houses that cost more, you will need to pay the remaining balance of the land transfer tax. If you live in Toronto the land transfer tax rebate will go to $4,475. Your real estate lawyer will go over your land transfer tax rebate at signing.
RRSP Home Buyer's Plan
First time home buyers are able to withdraw from your RRSP to help pay for your down payment on a new home. The government allows you to take out $35,000 from your RRSP TAX-FREE! You will have to make repayments back into your RRSP. Payment must start after two years of your purchase and you have 15 years to make all of your payments. You can put it back in as quickly as you want but it must be paid back in 15 years.
GST/HST New Housing Rebate
This with help first time home buyers who paid GST and HST by renovating an existing home, buying a new home or rebuilding one due to lost to fire. The home must be owner-occupied for you to qualify for this rebate. This will help you get a portion of your taxes that you have put into the home back into your wallet.