Buying a home for the first time in Toronto can be intimidating, especially for those whose wallet is on a shallow side
There are several options that help managed the buying process most cost effectively.
Home Buyers Plan (HBP)
This is a Canadian program that is intended to help first time buyer. A buyer can use part of their retirement fund saving towards the purchasing or even building their home. The withdrawal sum is up o $25,000 CAD a year.
First Time Home Buyers’ Tax Credit (HBTC)
This is another help from Canada’s Economic Action Plan for first time buyers. Buyers will benefit from this plan by claiming HBTC on income tax return on the year of buying their home. This plan assists with the spending that comes with the purchase procedure: legal fees, land transfer taxes, etc.
In order to use the government incentives, you must qualify. If you want to find out if you are eligible for these programs, please contact me at 416-910-4632