CHAPTER 9 Programs for Home Bu or Home Buyers
According to the Statistics Canada, 66.5% of Canadians own their homes. That still leaves a huge number of people who cannot buy their own houses, often because they can’t afford the closing costs, or they don’t meet the downpayment /mortgage requirements . The Canadian government provides grants to First Time Home Buyers to reduce the amount they need to pay on Closing.
GRANTS FOR FIRST-TIME HOME BUYERS
NEWLY BUILT HOMES First Time Home Buyers purchasing newly built homes as their primary residence may qualify for a full exemption from paying the Property Transfer Tax, provided the home’s purchase price does not exceed $1,100,000.00 BUYING USED HOMES First Time Home purchaser will only be exempt from Property Transfer Tax on the first $500,000, and they have to pay the PTT on the remaining amount up to $835,000. First Time Home Buyers are also allowed to put a 5% downpayment on the first $500,000 of the purchase price and 10% for the portion of the purchase price above $500,000.
PENALTY-FREE RRS -FREE RRSP WITHDRAWALS FOR FIRST-TIMERS -TIMERS
65
Powered by FlippingBook