It is natural for you to feel anxious, but good preparation and knowledge of the purchasing process will help you buy the home of your dreams. I am here to help make the process as easy as possible.

Let’s start with the MONEY SAVING part of being a FIRST TIME HOME BUYER!!! Here are a few incentives you could take advantage of as a first time home buyer...

Land Transfer Tax Refunds for First Time Home Buyers

The Ontario Government offers a refund on the land transfer tax, up to a maximum of $2000, equivalent to the provincial land transfer tax on a home purchase of $227,500. In addition, if you’re purchasing your first home in Toronto, you are also eligible to receive the Municipal Land Transfer Tax rebate up to a maximum of $3725.

HBP Program

The Federal Government of Canada also has a program that allows you to withdraw money from your registered retirement savings plan (RRSPs) to buy a home. This money is NOT TAXED as income as it would normally be, but you do have to pay it back. You have 15 years to repay the money, starting 2 years after the initial withdrawal. The maximum for such withdrawals is $25,000.

First-Time Home Buyers' Tax Credit (HBTC)

The HBTC is a non-refundable tax credit for certain homebuyers who acquire a qualifying home after January 27, 2009, that is - closing after this date. The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.


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