First Time Home Buyers

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First Time Home Buyers

Are you getting fed up with constantly shelling out hefty chunks of your paycheck and watching your hard-earned cash disappear into your landlord’s pocket every month?  It might be time to break free from the rent cycle and start investing in something that’s truly yours – your first home!

Rates advertised online may sometimes come with surprises, such as higher penalties or restrictions, which could end up costing you more money in the long run or at renewal time. 

We take the stress out of your first mortgage journey by shopping all the lenders for you and securing the lowest rate available. Additionally, we guide you through the entire process, providing clarity and peace of mind every step of the way. Don’t hesitate to give us a call to discuss your options and ensure you’re making the best decision for your future.

Ontario offers several incentives for first-time home buyers to help make purchasing a home more accessible. It’s crucial to stay updated on the ever-changing provincial and federal rules regarding incentives for first-time home buyers. 

Provincial Land Transfer Tax Rebate
  • Ontario offers a refund of up to $4,000 for eligible first-time home buyers to offset the provincial land transfer tax.
  • The refund is available to Canadian citizens and permanent residents, even if buying with someone who isn’t a first-time buyer.
  • Partners and spouses qualify similarly, but if legally married, your spouse cannot have owned a home while married to you.
Municipal Land Transfer Tax Rebate
  • Toronto provides a similar refund of up to $4,475 for first-time buyers, in addition to the provincial rebate.
First-Time Home Buyer’s Tax Credit (HBTC)
  • This federal tax credit of up to $10,000 assists with closing costs and related expenses.
  • Claim the credit on line 31270 of your tax return, with a potential refund of up to $1,500.
Home Buyer’s Plan (HBP)
  • Allows first-time buyers to withdraw up to $35,000 from their RRSP for a home purchase without incurring tax. Repay this back into your RRSP over a period of 15 years.
Tax-Free Home Savings Account (FHSA)
  • Save for a home with tax-deductible contributions of up to $8,000 per year, accumulating a lifetime maximum of $40,000.
Municipal Programs
  • Some Ontario municipalities offer additional incentives like down payment assistance or grants for first-time buyers.
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