Buying your first home is very exciting but also can be stressful at some times. Before you start house hunting you should contact Dallas Martin and get a Mortgage Pre-approval done. This will give you the self-assurance that you are qualified for your first home purchase and on top of that most realtors only deal with clients who have in fact received a Mortgage pre-approval.
The Canadian government offers a wide arrange of incentives for first time home buyers that can help you purchase your new home. For residents living in Ontario, there’s a first time home buyer tax credit and rebate also RRSP home buyers plan, Land Transfer Tax Rebate, GST/HST New Housing Rebate and the first time home buyer incentive program. All of these programs are essential for you to use when buying your first home. Dallas Martin will make sure that he informs you and educates you on all of these programs that are offered.
First Time Home Buyer's Tax Credit
The first time home buyers tax credit is one of the great rebates at the end of the year that you can claim after you buy your first home. The rebate is for $750 for all first time home buyers and must be claimed within a year of your home purchased. The rebate was introduced by the Canadian Federal government in 2009. This rebate helps recover some of the costs of buying your first homes such as legal fees and home inspections. To claim your $750 you must include it with your personal tax return under like 369. If you have any questions about the first time home buyer’s tax credit feel free to reach out to Dallas Martin at 519-495-7250.
First Time Home Buyer's Land Transfer Tax Rebate
For first time home buyers in Ontario, you can get a land transfer tax rebate of up to $4,000. Ontario land transfer tax rebate will cover the full tax of a home purchase of up to $368,333. For houses that cost more, you will need to pay the remaining balance of the land transfer tax. If you live in Toronto the land transfer tax rebate will go to $4,475. Your real estate lawyer will go over your land transfer tax rebate at signing.
RRSP Home Buyer's Plan
First time home buyers are able to withdraw from your RRSP to help pay for your down payment on a new home. The government allows you to take out $35,000 from your RRSP TAX-FREE! You will have to make repayments back into your RRSP. Payment must start after two years of your purchase and you have 15 years to make all of your payments. You can put it back in as quickly as you want but it must be paid back in 15 years.
GST/HST New Housing Rebate
This with help first time home buyer’s who paid GST and HST by renovating an existing home, buying a new home or rebuilding one due to lost to fire. The home must be owner-occupied for you to qualify for this rebate. This will help you get a portion of your taxes that you have put into the home back into your wallet.
Our mortgage services include: FIRST TIME HOME BUYERS | REFINANCE FOR DEBT CONSOLIDATION | SELF EMPLOYED MORTGAGES | BAD CREDIT MORTGAGES | MORTGAGE REFINANCE FOR HOME RENOVATIONS & INVESTMENTS | INVESTMENT PROPERTY MORTGAGE | COMMERCIAL MORTGAGES| VACATION & SECOND HOME MORTGAGES
Contact Dallas Martin, Best Mortgage Agent in London Ontario providing the best Mortgage Products for First Time Home Buyers across, St Thomas, Strathroy, Grand Bend, Kitchener, Woodstock, Guelph, Windsor, Sarnia, Hamilton and Toronto & Surrounding areas.