First-Time Home Buyers Tax Credit (FTHB)

Purchasing a home for the first time is perhaps one of the most daunting experiences one will have.

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!

GOVERNMENT OF CANADA

First-Time Home Buyer (FTHB) Tax Credit: $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009.

Home Buyer's Plan (HBP): The HBP allows you the prospective first-time homebuyer to withdraw up to $35,000 from their RRSPs to buy or build a qualified home.

ONTARIO

Land Transfer Tax Refund for First-Time Homebuyers: In Ontario, first-time homebuyers are eligible for a refund of the land transfer tax – a tax you pay when you buy land or an interest in land in the province of Ontario.

BRITISH COLUMBIA

First-Time Home Buyer's Program: Reduces or eliminates the amount of property transfer tax you pay when you purchase your first home.

BC First-Time New Home Buyer's Bonus: If you qualify, you can receive a one-time bonus payment worth up to $10,000.

Want to find out more? Call Canadian Mortgage Brokers Today!