Purchasing a home for the first time is perhaps one of the most daunting experiences one will have, especially from a financial perspective.
In order to ease one’s first foray into the housing market, there are government programs in place that provide some financial relief in the form of rebates and tax refunds. Federally, the Government of Canada has the First-Time Home Buyer (FTHB) Tax Credit. So if it is your first time entering the housing market, make sure you take advantage of such programs if you are eligible – a dollar saved can go along way when purchasing your first home!
First-Time Home Buyer (FTHB) Tax Credit: A $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009.
Home Buyers’ Plan (HBP): The HBP allows you the prospective first-time homebuyer to withdraw up to $35,000 from RRSPs to buy or build a qualified home.
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