Harsh  Kaushik

Harsh Kaushik

REALTOR®

ROYAL LEPAGE COMMERCIAL WESTHAVEN

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First-time Home Buyer's Benefits in Ontario, Canada

 

The Ontario government offers benefits and tax rebates to help first-time homebuyers in Ontario. Here are the top 4 benefits that first-time homebuyers in Ontario get and should take advantage of:

1. Land Transfer Tax Credit:

The First-Time Home Buyer's Tax Credit is a $5,000 non-refundable tax credit. The first-time homebuyers are eligible for a substantial rebate on land transfer tax on their first purchase. LTT or Land transfer tax is calculated as per the house's purchase price or market value. A $5,000 land transfer tax is credited back to the First Time Home Buyer's when buying their first home.

2. Home Buyer's Plan:

As a first-time homebuyer, you can use the savings in your RRSP as your down payment with the Home Buyer's Plan. However, you should have chosen the home buyer's plan when opening the RRSP account for the first time. A $35,000 per person can be withdrawn from your RRSP and used as the down payment for your first home. For Instance, you and your partner each can withdraw up to $35,000 from your RRSP savings, which essentially means that you can withdraw up to $70,000 per family when buying your first home. The Govt. grants this as interest-free loan to be paid back over 15 years to the government. / CRA.

3. First-Time Home Buyer's Tax Credit:

If you have never owned a house in Canada, you may be eligible for a first-time homebuyer's tax credit. Ask your lawyer to ensure the credit is applied if you are qualified /eligible on the closing day.

4. Energy-Efficient Housing:

Not exclusive to first-time buyers; however, everyone can realize this benefit. There are a variety of energy rebates you can apply by making your home energy efficient, such as installing energy-efficient HVAC systems / AC's double pane windows, Upgrading your attic insulation and many more. For details contact your hydro / energy company.

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