First Time Buyer...Help!
Tips are availabe for a first time buyer such as yourself
This is an exciting milestone in your life but buying your first home can be stressful too.
Here's some government programs that can assist you in getting you there sooner rather than later.
First Home Savings Account
An FHSA seamlessly integrates key elements from both RRSPs and Tax-Free Savings Accounts.
Furthermore, when a withdrawal meeting qualifying criteria occurs, the withdrawn amount is exempt from taxation.
Home Buyer's Plan
This is a government program that allows you to withdraw for your registered savings plans (RRSPs) to buy or build a qualifying home.
New: Increased WD limits are available.
First-Time Homebuyers' Tax Credit
You can claim a $10,000 tax credit for the purchase of a qualifying home the same year you purchase the home.
A high ratio mortgage is another way to get you into a home if you do not have the required 20% downpayment that is required for a conventional mortgage.
This mortgage must be insured through a mortgage default insurance provider such as CMHC or SAGEN. You will be charged a default insurance premium which will be a percentage of your mortgage amount. This amount can be added to your mortgage an be repaid as part of your regular mortgage payments.
For details on these default insurers please refer to the CMHC and SAGEN websites.
New Mortgage Reforms effective December 15th, 2024 make it easier for you to get into a home. Read more about these exciting changes here.
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