The costs associated with purchasing a home, such as legal fees, disbursements and
land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment. To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual,the credit will provide up to $750 in federal tax relief starting in 2009. Expansion of the Home Buyers' Plan
To provide first-time homebuyers with greater access to their RRSP savings to purchase or build a home, the Government of Canada has increased the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000 per person for withdrawals made after January 27, 2009.
Looking for More Homebuying Information?
When it comes to buying your home, nothing is more valuable than peace of mind. That’s why for more than 60 years, Canada Mortgage and Housing Corporation (CMHC) has shared a wealth of knowledge and housing expertise to contribute to a positive
homeownership experience for Canadians.
Visit www.cmhc.ca today, and browse through our wealth of homebuying information. You’ll find everything you need, from homebuying videos, to mortgage calculators, to home hunting worksheets.
CMHC also provides mortgage loan insurance that enables you to buy a home with a
minimum down payment of 5% — with interest rates comparable to those with a 20%
down payment. Ask your mortgage professional about CMHC.
To obtain more information on the First-Time Home Buyers’ Tax Credit and the Home
Buyers’ Plan, call 1-800-O-Canada or visit the Canada Revenue Agency website at
*To find out if you are eligible, please visit www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
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