Incentives
As a first-time home buyer*, you may be qualified for several incentives as below:
1) Receive a maximum rebate of $ 4,475 for Municipal Land Transfer Tax from City of Toronto (if a property is located within the city.)
2) Receive a maximum rebate of $ 4,000 for Provincial Land Transfer Tax from Ontario government.
3) Withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home by Home Buyers' Plan.
4) Claim tax credit for the purchase of a qualifying home by First-Time Home Buyer Tax Credit.
5) Save a bit more by opening up a First Home Savings Account (FHSA). It is a registered account that provides tax-free savings for first-time home buyers. Maximum annual contributions of $8,000 and a lifetime total of $40,000.
*For further queries, please give me a call or consult your accountant and/or lawyer for the respective program.
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