First Time Home Buyer

Buying your first home can be such an exciting and also stressful time. Let me help you through the process. 

First Time
Home Buyer

Buying your first home can be such an exciting and also stressful time. Let me help you through the process. 

Knowledgeable

Professional

First-Time Buyers

Purchasing your first home can be such an exciting and overwhelming experience, especially once you start learning of all the extra fees you’ll need to pay to close your first home.  There are legal fees, inspection fees, the land transfer tax, and the list goes on and on. 

First time home buyers have many programs and incentives available to them to help get them into the market. 

First-Time Buyers

Purchasing your first home can be such an exciting and overwhelming experience, especially once you start learning of all the extra fees you’ll need to pay to close your first home.  There are legal fees, inspection fees, the land transfer tax, and the list goes on and on. 

First time home buyers have many programs and incentives available to them to help get them into the market. 

RRSP Home Buyers Plan

First-time homebuyers can borrow up to $35,000 from their RRSP tax-free to help fund their new home purchase. The money borrow will have to be repaid. Payments must start after the second year and the entire amount borrowed must be repaid within 15 years.

First Time Home Buyers Land Transfer Rebate

First-time homebuyers in Ontario are eligible for a land transfer tax rebate of up to $4,000. If you’re buying a townhouse, house or condo in Toronto, you’re also eligible for up to an additional $4,475 rebate. These rebates are processed by the real estate lawyer and come off your closing costs. 

First Time Home Buyers Tax Credit

The First Time Home Buyers Tax Credit is a $5,000 non-refundable tax credit. This credit is claimed at tax time by filling the CRA home buyer’s amount on Line 31270 on Schedule 1 with the amount of $5000. This will result in a tax rebate of $750. 

First Time Home Buyers Incentive

The First Time Home Buyers Incentive is a shared equity mortgage aimed at middle-class first-time home buyers. For buyers that qualify, the government puts up 5 percent of the price of a resale home or 5 or 10 percent of the price of a new construction home.

RRSP Home Buyers Plan

First-time homebuyers can borrow up to $35,000 from their RRSP tax-free to help fund their new home purchase. The money borrow will have to be repaid. Payments must start after the second year and the entire amount borrowed must be repaid within 15 years.

First Time Home Buyers Land Transfer Rebate

First-time homebuyers in Ontario are eligible for a land transfer tax rebate of up to $4,000. If you’re buying a townhouse, house or condo in Toronto, you’re also eligible for up to an additional $4,475 rebate. These rebates are processed by the real estate lawyer and come off your closing costs. 

First Time Home Buyers Tax Credit

The First Time Home Buyers Tax Credit is a $5,000 non-refundable tax credit. This credit is claimed at tax time by filling the CRA home buyer’s amount on Line 31270 on Schedule 1 with the amount of $5000. This will result in a tax rebate of $750. 

First Time Home Buyers Incentive

The First Time Home Buyers Incentive is a shared equity mortgage aimed at middle-class first-time home buyers. For buyers that qualify, the government puts up 5 percent of the price of a resale home or 5 or 10 percent of the price of a new construction home.

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Office is Independently Owned and Operated. FSCO #12462 

Darek Noga, Mortgage Agent, is proud to be part of the national brand – The Mortgage Centre and the local brand YourMortgageYourWay.ca

Office is Independently Owned and Operated. FSCO #12462 

Darek Noga, Mortgage Agent, is proud to be part of the national brand – The Mortgage Centre and the local brand YourMortgageYourWay.ca

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