HOME BUYERS PROGRAM'S AND REBATES

Programs for GTA Real Estate Buyers

If you have any questions or would like more information about anything please Contact Us. If you are planning on buying or selling a home or property please visit our Buyers Page or Sellers Page.

 

The Government of Canada Home Buyer's Plan

The Government of Canada's Home Buyers' Plan is a popular option for prospective Ontario homeowners who are trying to obtain the capital they require for buying their ideal house or condo. This plan allows qualified buyers to withdraw a maximum of $25,000 from their RRSPs in order to purchase or build a house. If your spouse is also eligible, you can each withdraw up to $25,000 towards the down payment, allowing for a possible total withdrawal of $50,000. No income tax is deducted from these funds, as long as they are repaid to the RRSP according to a predetermined repayment schedule set out by the Government of Canada.

 

How the Plan Works

 

Generally, you may participate in the plan if you (or your spouse) have not owned a home which you occupied as your principal residence in the last five years.

Repayment Schedule - The money you withdraw from your RRSP must be repaid over a period of no more than 15 years, in order for your plan to retain its tax deferred status. Your repayment period starts the in the second year after you make your withdrawals.

For more information on the Home Buyers’ Plan, contact Jimmy today at 647-91-2639 or visit the Canadian Customs and Revenue Agency web site at: cra-arc.gc.ca

 

Other Important Programs to Look Into When Buying an Ontario Home

 

CMHC's Five Per Cent Down payment

 

With as little as five per cent down payment, all Canadian home owners now have access to mortgage insurance through the Canada Mortgage and Housing Corporation (CMHC). This means CMHC may insure the mortgage on your home (against default in payments) for up to 95 per centof the lending value of the home. The mortgage insurance premium is based on a sliding scale. The premiums can be added to the mortgage paid on a monthly basis. For more information, go to CMHC's web site at: cmhc-schl.gc.ca and search for 'Mortgage Loan Insurance'.

 

 

Land Transfer Tax (LTT) Rebate

First-time buyers of newly constructed homes may receive a refund of the provincial portion of land transfer tax – up to a maximum of $2,000. The only individuals who may qualify as first-time home buyers are those who are at least 18 years of age, have not owned an interest in a home anywhere in the world, and whose spouse has not owned an interest in a home anywhere in the world. Effective December 17th, 2007, this rebate applies to all homes.

To get detailed information on the Ontario provincial government’s Land Transfer Tax Rebate, please visit their helpful information web page at: rev.gov.on.ca

 

Want to know more?

 
A top Greater Toronto area REALTOR® can provide you with even more details about the LTT rebate, five per cent down payment, and Home Buyers’ Plan programs – and can sit down with you to help you determine whether you qualify. Fill the Form below to contact Jimmy’s Remax team of helpful and experienced professionals today.
 
  • In-House Mortgage, Home Loan Department
  • In-House Lawyers, Accountants
  • In-House Home Inspectors

For more information about buying or Selling your home, Contact Jimmy at 647-961-2639

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