First time Home Buyers's Tax Credit
This programs is a 750$ rebate for first-time buyers. It is meant to help with the housing costs such as the legal and inspections fees. Eligible homebuyers may receive a tax credit of up to $750
Home Buyers' Plan
If you are a First Time Home Buyer, the Home Buyers’ Plan allows you to withdraw up to $35,000 from your RRSPs tax-free to put toward your down payment. The borrowed amount must be repaid back eventually. Othewise, Tax penalties will apply.
Land Transfer Tax Rebate
Before the sale closes, you are required to pay to register your property’s title under your name. This is called a land transfer tax. (May also be called a deed registration fee, a tariff, or a property transfer tax) This rebate helps offset some of the land transfer tax that must be paid when you purchase a home. This is available to residents of Ontario, British Columbia and Prince Edward island. The rebate is particularly high in City of Toronto. First-time buyers can get upward of $3,725 back.
GST/HST New Housing Rebate
Generally speaking, sales of new houses, such as pre-construction condo or houses, are subject to GST/HST. You may qualify for a rebate for some of the tax you paid.
These are just some of the various programs and rebates out there that helps first time home buyers.
Contact us for more information on other programs that can help make your first time home buying process easier.