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Tony Milles, Mortgage Broker

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April 19, 2019
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First Time Home Buyers

 
 

Land Transfer Tax Refund for First-time Homebuyers in Ontario

When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of  an eligible home may be eligible for a refund of all or part of the tax.

Here is the link for the details on this program; http://www.fin.gov.on.ca/en/refund/newhome/

 
 

Home Buyers' Plan (HBP)

The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year.

Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year.

 Here is the link for the details on this program; http://www.cra-arc.gc.ca/hbp/

 
 First-Time Home Buyers' Tax Credit
First-time home buyers purchasing a home may claim the HBTC on their income tax returns, starting with the 2009 taxation year.

Initiative Update  HBTC received Royal Assent on December 15, 2009. Canadians purchasing their first home after January 27, 2009 can claim the HBTC on their income tax return for the year in which they make their purchase.

Here is the link for the details on this program; http://actionplan.gc.ca/en/initiative/first-time-home-buyers-tax-credit
 
 
 
 
 
 
 
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