Purchasing a home for the first time is perhaps one of the most daunting experiences one will have, especially from a financial perspective.
In order to ease one’s first foray into the housing market, there are government programs in place that provide some financial relief in the form of rebates and tax refunds. Federally, the Government of Canada has the First-Time Home Buyer (FTHB) Tax Credit, and provincially, the Province of British Columbia and the Province of Ontario also have their own programs in place for first-time homebuyers.
So if it is your first time entering the housing market, make sure you take advantage of such programs if you are eligible – a dollar saved can go along way when purchasing your first home!
First-Time Home Buyer (FTHB) Tax Credit: A $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. Want to find out if you are eligible for the FTHB and if your home qualifies? Click here for more info.
Home Buyers’ Plan (HBP): The HBP allows you the prospective first-time homebuyer to withdraw up to $25,000 from their RRSPs to buy or build a qualified home. Want to find out if you are eligible for the HBP and if your home qualifies? Click here for more info.