Could These Government Incentives Help You As A First Time Home Buyer?

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Could These Government Incentives Help You As A
First Time Home Buyer?
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• An exciting prospect for many, buying your first
  home can also be a time of great uncertainty and
  stress, and as one of the biggest financial
  decisions you may ever be likely to make, its
  little wonder that its a big deal for so many.
• Thankfully though, there are some government
  incentives and tax rebates in place to help
  Canadian citizens purchase their first home at
  affordable rates, and youll find some of them
  listed below
• The first time home buyer incentive
• This flagship federal government housing
  initiative offers first time buyers an
  interest-free loan of 5 or 10 of a homes
  purchase price that you can use as part of your
  down payment. After a period of 25 years, or when
  you come to sell your home, youll be required to
  pay back the same percentage in full.

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• Because the program is known as a shared equity
  mortgage, any gains or losses on the value of
  your home are shared by the government.
• To qualify, you must be a first time home buyer,
  and have a qualifying household income of less
  than 120,000 (this amount may vary depending
  upon where you live). Depending on where you live
  in Canada, the total amount you can borrow is
  capped at 4 times the maximum qualifying income.

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• The home buyers plan
• With this incentive, Canadian citizens buying a
  home for the first time can borrow up to 35,000
  from their Registered Savings Plans (RRSOs) to
  put towards the purchase of a home. Tax-free, the
  amount can be repaid over a period of 15 years,
  that begins two years after you withdraw your
  funds.
• The home buyers tax credit
• This non-refundable income tax credit of 5,000
  is available for first time buyers purchasing a
  home, and provides up to 750 in federal tax
  relief. While this amount may seem minimal, it
  can help home buyers to get back some of the
  closing costs that are typically associated with
  the purchase of a home, like land transfer taxes
  or pre-sale inspections. And, as they say, every
  little helps!

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• GST/HST new housing rebate
• For first time buyers seeking to purchase a newly
  constructed home, this particular rebate can help
  them to recover part of the GST or HST on the
  cost of the property, provided you plan to use it
  as your primary place of residence. The rebate is
  also available should you plan to construct a
  home on land that you already own.
• Provincial land transfer tax rebates
• Some provinces charge a land transfer tax on home
  purchases, and if you live in such a province,
  there are a number of rebate programs that may be
  applicable. If youre a first time buyer living
  in Ontario, for example, you may be eligible for
  a refund of up to 4,000.

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• Buying your first home is made a lot less
  stressful with the help of programs such as
  these, and by combining government incentives
  with the help of a professional mortgage broker,
  you can simplify the whole home buying process,
  and even lower your costs.
• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property or 2nd
  mortgage in Calgary. Luke Wile, is the best
  mortgage specialist in Calgary and is proud to
  serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
  serve his clients with a personalized approach to
  finding his clients the best and lowest Canadian
  interest rates and terms offered by the major
  banks and private lending institutions. If you
  are looking for debt consolidation in Calgary,
  with Luke Wile you can get fast and personal
  expertise for your mortgage. Contact us today!