First Time Home Buyers

1st time home buyers should not be confused with the Home Buyers Plan or RSP Home Buyers Plan.  While the RSP Home Buyers plan was designed for 1st time home buyers, there are many other factors and items for first time home buyers to consider.

For individuals or couples buying their first home, it is one of the largest purchases in one’s life.  Many things have been introduced by the Canadian government to help first time home buyers including the RSP Home Buyers Plan, the First Time Home Buyer Tax Credit, Land Transfer Tax rebates in some provinces and first time home buyer rebates in certain provinces as well.

First time home buyers have a access to a wide assortment of information designed to help educate individuals and help make buyers make informed and educated decisions.   First time home buyers should educate themselves on down payment minimums, mortgage default insurance premiums, using RRSPs for down payment purposes, costs associated with closing, land transfer tax fees, preapproved mortgages and much more.

First-Time Home Buyers' Tax Credit

The Government of Canada introduced the First-Time Home Buyers’ Tax Credit in 2009.  The FTHB Tax Credit provides first time buyers with $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. This provides up to $750 dollars in tax savings for eligible purchasers.  The Government of Canada introduced this tax credit to help first time home buyers offset some of the associated costs with purchasing homes including; legal fees, land transfer taxes and other disbursements. 

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April 27, 2017

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