Are you a First time buyer looking to purchase a home. There are a number of Programs for First time buyers buying a home in Ontario. Here is some information on programs below.
Definition of a First Time Buyer
You are considered a first-time homebuyer if you meet one of following qualifications:
- you have never purchased a home before
- you’ve recently experienced a breakdown of a marriage or common-law partnership
- in the last 4 years, you did not occupy a home that you or you current spouse or common-law partner owned
First - Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit the First-Time Home Buyer Incentive for more details.
First-Time Home Buyers Tax Credit
The FTHB Tax Credit offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief. Go to the Home Buyers’ Credit section to see if you are eligible.
Home Buyers Plan
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. Review the Home Buyers' Plan for more information.
Land Transfer Tax Rebate
First-time homebuyers of an eligible home may be eligible for a refund of all or part of the land transfer tax. To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse. Previous ownership in a home means you do not qualify for the land transfer tax first-time homebuyers refund. The method of acquiring the home (e.g., purchase, gift or through an inheritance) is not relevant. You cannot re‑qualify as a first‑time homebuyer. This rule may be different from other federal programs for first‑time homebuyers (e.g., the Canada Revenue Agency Home Buyers' Plan). For more information visit https://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html
HST New Housing Rebate
You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house. GST/HST New Housing provides all of the details on this rebate.
For more information or if you would like to discuss the purchase of your first home feel free to call Alex at 416-901-8777 or email at info@iListRealEstate.ca
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