First Time Buyers Incentives
1) First Time Home Buyer's Tax credit (HBTC)
- A proposed tax credit of 15% to be applied to an amount of $5000. Therefore a maximum tax rebate of $750 is issued to assist new home owners with their first purchase.
How do I qualify for (HBTC)?
- You, your spouce or common law partner have purchased a residential property for the first time
- You have not lived in a home you, your spouce or your common law partner have owned within the last four years
2) First Time Home Buyer's Land Transfer Tax Rebate
- First time home buyer's are given a Rebate up to $2,000 to assist first time home buyers with Land Transfer Taxes.
- Ex. A $225,000 home would have Land Transfer Taxes of $1975. For a first time home buyer there would be no charge.
- This rebate applies to Resale Homes and New Construction Homes
3) Home Buyer's Plan (HBP)
- Allows first time home buyers to withdrawl up to $25,000 per individual in a clendar year from their registrant retirement savings plan (RRSP's) to put towards a downpayment to buy or build their first home.
- The amount withdrawn has to be repaid within 15 years and payment begins the second year after the amount is withdrawn.
- Over a 25 year Mortgage the extra money given in a Down Payment will save you money over the length of the mortgage.
For further information on First Time Buyer Rebates and Incentived contact Scott directly
