The Canadian government has some programs that can help assist home buyers. Here are a couple assistance programs that can help you as a home owner!
This is a $5000 non-refundable income tax credit that can be applied to a qualifying home. This credit can provide up to $750 in tax relief to assist First Time Buyers.
You can withdraw up to $25,000 from a RRSP (Registered Retirement Savings Plan) one time to help with the purchase of or building a home. Generally, the amount you withdraw from your RRSP must be repaid within 15 years.
If you use CMHC-insured financing to buy or build an energy efficient home, or make energy efficient renovations you may qualify for a refund. This refund can be 10% of your mortgage default insurance and a longer amortization period.
Government programs change over time, make sure you stay up to date on these programs to see what programs you can qualify for!
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We are always here to help and to educate you on exactly where the market is and how you can fit into it!
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