A home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers and property owners. Some of the programs are targeted to first-time buyers, while others apply more generally. Other programs benefit those in the industrial, commercial and multi-unit property market.
Government Programs for Home Buyers
- First-Time Home Buyers' Tax Credit
Program First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs.
The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home
You may be eligible to claim a rebate for a part of the HST you pay on the purchase price of a newly constructed home or the cost of building your home
- Land Transfer Tax Rebates
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725.
For more information about these programs- please call or email me
Megan Rekhi B.HSc. MHA
647 716 0145
647 929 3324
meganrekhi@gmail.com
