1st Time Homebuyer programs:
1) Land Transfer Tax Refund for First-time Homebuyers
Land Transfer Tax applies to all transfers of land in Ontario.
First-time homebuyers may be eligible for a refund of all or part of the tax. (maxiumum $2,000)
For agreements of purchase and sale entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home.
For agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.
Applications for a refund must be made within 18 months after the date of the transfer.
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
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. For more information: www.cmhc.ca/en/co/ moloin/moloin_008.cfm#reno
If you have any questions or I can help you or someone you know with a mortgage, to purchase, refinance or transfer from another Financial Institution, please call or email me! My 5 year low rate fixed rate is only 3.94% today and I have a 5 year variable below prime too - fully convertible to change into a fixed rate term anytime.
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