Government incentives for first-time home buyers are available in Canada.The Canada Revenue Agency provides tax incentives and programs to Canadian first-time home buyers to help finance the purchase of their first home. These incentives include an income tax credit, a tax sheltered savings plan, and a federal tax rebate on new home costs. New home owners can minimize their overall home costs by taking advantage of these programs within the required time limits.- First-time Canadian home buyers who bought a home after January 27, 2009 are eligible for the First-Time Home Buyers' Tax credit. This income tax credit is non-refundable, and is claimed during the tax year the home is purchased. Homes that qualify for the tax credit include existing or newly constructed single-detached houses, semi-detached houses, condominiums, multiplexes, apartment buildings and mobile homes. The homeowner must occupy the home in order to receive the tax credit. The tax credit amount is calculated by multiplying $5000 by the lowest personal tax rate, and is claimed by homeowners within their personal income tax returns.
- The Canada Revenue Agency provides a tax incentive to first-time home buyers who use their retirement savings to buy or build a home. Under the Home Buyer's Plan, first-time home buyers can withdraw up to $25,000 from their Registered Retirement Savings Plans with no tax penalty. Home buyers must enter into a written agreement to buy or build a home before they can withdraw funds within the Home Buyer's Plan. In addition, first-time buyers must occupy the home as their primary residence in order to be eligible. Home buyers are required to pay back the amount withdrawn from the plan in yearly installments, over a maximum of 15 years.
- Although not restricted to first-time home buyers, the GST/HST New Housing Rebate is a tax rebate from the Canadian federal government that new home buyers can take advantage of. This rebate applies to newly built or substantially renovated homes that are owner constructed, or purchased from a builder. Owners have up to two years from the date of their home occupancy to submit a claim to receive the GST, or the federal portion of the HST, on costs such as land and construction materials. To qualify for this rebate, homes must be worth less than fair market value of $450,000. Additional tax rebates for new home construction are also available in some Canadian provinces.
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First-Time Home Buyers' Tax Credit
Home Buyers' Plan
GST/HST New Housing Rebate
For More information please contact me at White House Mortgages, Dominion Lending Centre
1.250.826.5679 as a Mortgage Broker in Kelowna I am able to walk you through this process
Brad Adams a Mortgage Broker specialist will get you the best and lowest mortgage rates for real estate and refinance in kelowna and all of B.C.
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This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is "free".* It's the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)• Our Best Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.bradadams.ca
| Terms | Bank Rates | Our Rates |
| 6 Month | 4.45% | 3.95% |
| 1 YEAR | 3.50% | 2.44% |
| 2 YEARS | 3.90% | 2.84% |
| 3 YEARS | 4.45% | 2.90% |
| 4 YEARS | 5.04% | 3.59% |
| 5 YEARS | 5.39% | 3.59% |
| 7 YEARS | 6.19% | 4.85% |
| 10 YEARS | 6.50% | 5.19% |
| Rates are subject to change without notice. *OAC E&OE | ||
| Prime Rate is 3.00% |
| Variable rate mortgages from as low as Prime - .65% |
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