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First Time Buyers

First Time Buyers

Are You a First Time Home Buyer? We Have Special Programs Just For You!

Buying your first home is a big step. There are several different programs that have been designed just for you to make it easier for you to make your down payment and find the perfect home for you and your financial situation.

“Our goal is to guide you step-by-step through the sometimes complex financing process and help you take advantage of all first-time home buyer programs.”

First mortgageRRSP Home Buyers Program

Usually whenever you withdraw money from your RRSP account, you are taxed. But, if you qualify as a first-time home buyer the government allows you to borrow as much as $25,000 from your RRSP penalty free and tax free to help you make a down payment on your home.

This is an incredible benefit that not enough first time homebuyers take advantage of. This may help you be able to afford a home that would otherwise be out of our reach.

First-Time Home Buyer’s Tax Credit

Most first-time home buyers are surprised by all of the incidental costs in the process. These costs include everything from paying for an inspection to paying for legal fees to review the contracts.

But, first-time homebuyers can take advantage of a tax credit to help offset these costs. The tax credit is non-refundable and gives you up to $750. Your home must meet certain requirements, including being your primary residence. You also must qualify as a first time home buyer.

Land Transfer Tax Rebate

If you are buying your home in British Columbia, Ontario, or Prince Edward Island, you may qualify for a rebate on some of the land transfer tax you are required to pay. This rebate can help reduce the ultimate cost of your home if you are a first time home buyer.

If you are making your first home purchase in the city of Toronto, you may qualify for an additional land transfer tax rebate beyond what you qualify for in Ontario.

GST/HST New Housing Rebate

You may also be eligible for a rebate on the GST you have to pay when buying a new home, renovating an existing home, or rebuilding a home lost to fire. This rebate requires that the home by your primary residence. First time homebuyers can qualify for this rebate in addition to other tax rebates.

If you are buying your home in Ontario you may also qualify for a rebate on the provincial portion of the HST as well.

Ready to Buy Your First Home? Contact First Canadian Mortgage

Don’t Miss Out on Any Special First Time Home Buyer Programs. We love working with first-time home buyers. Call us today to learn more about the programs available to help you get into your first house as quickly as possible. We help you find the best financing options for your income, down payment, and credit profile.

Contact us now and get ready for your first home!