What is a First Time Home Buyer?
You qualify as a first-time homebuyer if:
In the four years before you bought a home, you did not live in a home you owned or that your current spouse or common-law partner owned.
For the Home Buyers’ Plan, the four-year period starts on January 1 of the fourth year before the year you withdraw money from your RRSP and ends 31 days before the date you withdraw the money.
For instance, if you plan on withdrawing the funds on July 31, 2023, the period is from January 1, 2019 to June 30, 2023.
What are some of the programs available to First Time Home Buyers?
While there are a variety of factors that can influence your decision to refinance, it is often based on your particular situation. You might fit into one of the following categories, or your motivation might be more personal:
- The Home Buyer’s Plan
Makes it possible for first-time buyers to tap into their Retirement Savings Plans (RSPs) and use the money when they buy their first home.
- The Home Buyer’s Amount (also called the First-time Home Buyer’s Tax Credit)
Is a $5000 non-refundable income tax credit that may be applied to eligible properties. - The First-Time Home Buyer Incentive
Provides a way for first-time homebuyers to lower their monthly mortgage payment without increasing their down payment. A 5% or 10% shared equity mortgage with the Government of Canada is available to borrowers who meet the requirements. - The GST/HST New Housing Rebate
Offers homebuyers who meet certain requirements a GST/HST rebate on the purchase price of their home. - Land transfer tax rebate
First-time homebuyers in some municipalities and provinces may qualify for the land transfer tax rebate. - Canada greener home grant
To encourage Canadians to live in more energy-efficient houses and contribute to the fight against climate change, the federal government established the Canada Greener Home Grant. There are grants of up to $5,000 to help people make their homes more energy efficient. For EnerGuide evaluations and expert advice, you can also be eligible for an additional $600.
Buying your first home can seem particularly daunting, especially for young people and families.
Fortunately, we’re here to hold your hand through the process, and dedicate the resources of our Team to your success.
You don’t have to go through this all by yourself.
Questions?
Want to talk? Ready to set the wheels in motion?
