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eHomes Blog

Help For First Time Buyers

If you are a first time buyer, there are some government programs that can help you buy your first home.

RRSP Home Buyer’s Plan
This government plan allows qualified buyers to withdraw a maximum of $25,000 tax free from their RRSPs to buy or build a house. If your spouse is also eligible, you can each withdraw up to $25,000 for a total of $50,000. No tax is paid as long as the withdrawals are repaid according to the government’s repayment schedule. To be participate in the plan, you or your spouse can not have owned a home which you occupied as your principal residence in the last five years. The repayment period must be no longer than 15 years. Each year you must pay 1/15 of the total amount you withdrew.

Home Buyer Tax Credit
This credit is claimed on your income tax form (line 369) in the taxation year you bought the home. To qualify, neither you nor your spouse can have owned and lived in another home in the past five years. In 2012, the tax credit was $750.

Land Transfer Tax Rebate
First-time buyers can receive a refund of land transfer tax up to a maximum of $2,000. To qualify, you and your spouse  must be at least 18 years of age and have never owned a home anywhere in the world.

For more information, contact one of our eHomes professionals.

Bill Stobbe

Born and raised in Owen Sound, Bill spent nine years in Toronto working in the advertising and marketing industry. In 1998, Bill returned to his roots to be close to family and to raise his own family. Bill has been helping his valued clients buy and sell real estate since 2003 and has been a consistent top producer in the office. In 2012, Bill left his previous brokerage and started eHomes Realty to address the needs of the ever-changing real estate industry. eHomes Realty is a fast growing, full service brokerage that embraces the latest technologies to streamline the real estate process and in turn, provide relief to sellers with lower commissions. At eHomes Realty, commissions are as low as 3.79%. The real estate industry is changing and eHomes Realty is leading the way. For honest, friendly service, give Bill a call for all of your real estate needs.

Bill Stobbe, Broker of Record

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