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First-Time Home Buyer Grants - Get The Help You Need

If you are a first time home buyer in the London Ontario area, then you may be able to apply for a number of grants and programs which could provide substantial financial assistance. No matter where you live there are always two types of first buyer assistance on offer: Local and national. London Ontario is no different, and here you will find both government and city led programs.

Let’s take a look at these now.

The Home Buyers’ Plan: This plan allows a home buyer to take funds from their registered retirement savings plan (RRSP) and put this towards buying a new home. You are allowed to take up to $25,000 from your RRSP a year if needed. You will then be required to repay the amount every year for 15 years until the debt is settled. If, for example, the full $25,000 is withdrawn then you will need to repay $1,667 a year. Caution should be taken here as you are taking money away from your pension, you have to pay it back. In order to qualify you cannot have owned a property in the previous four years. If you fail to make your full annual payment then the difference will be added to your income and you will be taxed the required amount.

Home Buyer Tax Credit (HBTC): If you or your partner bought a house covered by HBTC and you didn’t live in a house owned by yourself or your spouse for the previous four years, then you can qualify for this program. You can be given a $750 credit in your first year of home ownership.

Ontario First Time Home Buyers Land Transfer Tax Credit: This program is specific to Ontario. This allows a first time buyer to claim up to $2,000 on a home worth up to a $227,500 limit. This forgoes any need to pay land transfer fees. To qualify you can never have owned a home previously anywhere in the world. There is a possibility to still claim some of this tax credit if you have previously owned a property. If you have children then you may be able to claim up to 50% of the tax credit on their behalf. 

Wherever you are buying your property you will find national and regional grant programs. Contact your local council for more information. If you live in the Ontario area then the above three programs should be applied for.

      If you or someone you know are looking to purchase a property but want more information - Give us a call!! We have talented and professionals agents that will help make your buy process as smooth and pleasant as possible! 

 

      Don't Hesitate!  We're here to help you! Call 905-896-3333 or 416-896-3333

 

Posted: Thursday, December 19, 2013 12:00 PM by Sutton Realty

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