Shana Fellows
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First time home buyers

Updated Monday, September 10, 2018  ::  Views (339)

1st Time Homebuyer programs:
 
1)  Land Transfer Tax Refund for First-time Homebuyers

For conveyances or dispositions that occur before January 1, 2017, the maximum amount of the refund is $2,000.

Beginning January 1, 2017, the maximum amount of the refund is $4,000. 

Beginning January 1, 2017, no land transfer tax would be payable by qualifying first‑time purchasers on the first $368,000 of the value of the consideration for eligible homes. First‑time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000.


2)  HOME BUYERS' PLAN
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. For more information: 
www.cra.gc.ca. Enter 'Home Buyers' Plan' in the search box.
 
3)  FIRST-TIME HOME BUYERS' TAX CREDIT (HBTC)
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. For more information: 
www.cra.gc.ca
 
4)  CMHC MORTGAGE LOAN INSURANCE PREMIUM REFUND

CMHC Green Home offers a partial refund on the cost of the mortgage loan insurance. Buy, build or renovate for energy efficiency and you may be eligible for a refund of up to 25% of your premium. 
 
If you have any questions or I can help you arrange a mortgage, to purchase, refinance or transfer from another Financial Institution, please call or email me!  I will guide you through the process ! 

 

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