Flexible Financing Options:
- The Canadian Mortgage and Housing Corporation (CMHC) offers mortgage insurance allowing for a range of financing options form as little as 5% down.
- other CMHC programs allow for financing that includes the cost of home renovations, and energy efficiency incentive!
RRSP Home Buyers Plan:
- The home buyers plan (HBP) is a program under which you can withdraw up to $20,000 from your registered retirement savings plan (RRSP’s) to buy or build a home.
- Before you can withdraw funds you must have entered into a written agreement to buy or build a qualified which you must occupy no later than one year after buying or building the home.
GST New Housing Rebate:
- You may be eligible to claim a rebate for a part of the GST you pay on the purchase price of a new home or the cost of building or substantially renovating your home.
- Resale homes are exempt from GST.
- New homes are subject to the GST. New home buyers can apply for a rebate of the GST applicable to the purchase price to a max of $7,560 for homes costing less than $350,000 before GST.
- For new homes between $350,000 – $450,000 before GST, the rebate reduced proportionately.
- New homes priced $450,000 before GST and up would not recieve a rebate.
Land Transfer Tax Rebate:
- First time home buyers are eligible to receive rebates of the propvicial and Toronto Land Transfer Taxes.
- The maximum rebate is $2,000.
For more information on these and other available incentives please send an email to email@example.com!