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Taking Advantage of First Time Home Buyer Tax Benefits

Tax Credit for First-Time Home Buyers<br>You may be eligible for two fantastic money-saving incentives as a first-time home buyer in Canada.<br>The Federal Government's First-Time House Buyers Tax Credit aids Canadians in acquiring their first home.<br>It was created to assist in the reimbursement of closing costs such as legal fees, inspections, and land transfer taxes.<br>Visit the Canada Revenue Agency to learn more about the Home Buyers Plan's features and eligibility conditions (CRA)<br><br>You might also want to speak with a Sunlite Mortgage Professional to make sure you're getting the most out of your fi

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Taking Advantage of First Time Home Buyer Tax Benefits

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  1. Taking Advantage of First Time Home Buyer Tax Benefits Tax Credit for First-Time Home Buyers You may be eligible for two fantastic money-saving incentives as a first-time home buyer in Canada. The Federal Government's First-Time House Buyers Tax Credit aids Canadians in acquiring their first home. It was created to assist in the reimbursement of closing costs such as legal fees, inspections, and land transfer taxes. The credit must be claimed within one year of purchasing your first property and is non-refundable. In addition, the home you buy must 'qualify,' as explained further below. The total claim cannot exceed $750 if you are acquiring a home with a husband, partner, or friend. What criteria must you meet to be eligible for the First-Time Home Buyers Tax Credit? ⚫ You (or your spouse or common-law partner) purchased a residence in Canada that meets the criteria. ⚫ The house will serve as your primary abode. ⚫ You must plan to move into the house within a year of purchasing it. ⚫ In the year of purchase or any of the four preceding years, you (or your spouse or common-law partner) did not own and live in another home (first-time home buyer) Home Buyers' Strategy The House Buyers Plan allows first-time home buyers to use a defined form to withdraw money from their Registered Retirement Savings Plans (RRSPs) tax-free. After a grace period, you will have 15 years to reimburse this. The following are some of the requirements: ⚫ You must be a first-time home purchaser.

  2. ⚫ ⚫ To buy or develop an eligible home, you'll need a signed contract. Before you can use your contributions for the HBP, they must have been in your RRSP for at least 90 days. Visit the Canada Revenue Agency to learn more about the Home Buyers Plan's features and eligibility conditions (CRA) You might also want to speak with a Sunlite Mortgage Professional to make sure you're getting the most out of your first-time home buyer perks. OurSunlite Mortgagerepresentatives will walk you through the options and assist you in selecting the best mortgage product for your needs. All while keeping your short- and long-term objectives in mind. Call today to speak with a Sunlite Mortgage specialist at (877) 385-6267, and we'll be pleased to assist you with a mortgage!

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