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FIRST TIME HOME BUYERS RECEIVE UP TO $2,000.00 |
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If you are a 1st time buyer you could receive up to $2,000.00 through a land transfer tax rebate. On December 13th, 2007 the Ontario Government announced that the Land Transfer Tax Refund Program for 1st time Homebuyers be expanded to include purchases of resale homes. Contact me for more information.
For more information on the Land Transfer Tax Refund Program visit the following site
Ministry of Revenue Ontario - Refund for 1st time home buyers at http://www.rev.gov.on.ca/english/refund/newhome/ |
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FIRST TIME HOME BUYERS TAX CREDIT |
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T he Federal Home Buyers Plan allows first time homebuyers to withdraw up to $25,000 from their RRSP for the purpose of buying or building a qualifying home. The primary benefits are that the RRSP issuer will not withhold tax on the amount nor will you have to claim the amount as income. The amount must be repaid to the RRSP within 15 years with a minimum annual payment of 1/15th of the amount withdrawn. If a repayment is not made for a given year the minimum repayment is included as taxable income for that year.
Participation: To participate you have to withdraw the amount from your RRSP using form T1036 Applying To Withdraw An Amount Under The Home Buyers Plan. Give the completed form to the RRSP issuer along with the certification that you meet or intend to meet certain conditions as follows:
Conditions: You have to make your withdrawal request in the same
year you wish to participate in the Home Buyers Plan. You cannot have previously participated in the plan in
previous years. You have to be a resident of Canada You have to enter into
a written agreement to buy or build a qualifying home You can withdraw a
total of $25,000. Multiple withdrawals are allowed. Each of you and your
Spouse can participate in the Plan and withdraw $25,000 from your own
RRSPs. You have to be
considered a First Time Home Buyer A qualifying home is a housing unit
located in Canada. Existing homes and homes under construction are both
qualifying homes and can be either: · Single
Detached Family Homes · Semi
Detached · Town
Home · Mobile
Home · Condominium
Unit · Apartment
in a Duplex, Triplex, Fourplex or apartment building. · Share
in a Cooperative Housing Corporation, provided the share entitles you to posses,
and gives an equity stake in, a housing unit.
Who is Considered a First Time Home Buyer? You are considered a first time home buyer if you have not owned home while you occupied it as your principal place of residence for five years. At any time in the fifth calendar year since you last owned a home you can qualify.
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GRANTS AVAILABLE FOR HOME OWNERS GOING GREEN |
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Natural Resources Canada (NRCan) is offering a new residential energy efficiency assessment service to owners of single family homes, including detached, semi-detached and low-rise multi-unit residential buildings (MURBs) that are no more than three storeys high. Under the ecoENERGY Retrofit program, property owners can qualify for federal grants by improving the energy efficiency of their homes and reducing their home’s impact on the environment. For instance, if you replace an old natural gas furnace with the most efficient unit available (92% AFUE or annual fuel utilization efficiency gas furnace with DC variable speed motor) you could qualify for $1,350 in rebates: $500 (Federal) plus $500 (Provincial) plus $100 from Enbridge plus $250 from the Ontario Power Authority (Cool Savings Rebate). According to the Ontario Ministry of Energy, replacing an old system (63% AFUE) with a new high efficiency condensing furnace (93% AFUE) in an average 1,200 square foot, detached house will result in savings of approximately $450 per year. For more
information on the ecoEnergy Retrofit Rebate program visit the following
sites: |
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