More useful resource links to help with the sale and purchase of your home.
HOME OWNER INCENTIVES
RRSP HOME BUYERS' PLAN:
Under terms of the Home Buyers Plan participants in a home buying
agreement can borrow up to $20,000 from their RRSP to use in the
purchase of a principle residence in Canada. Funds on deposit in an
RRSP for a minimum of 90 days qualify under the plan. Almost every
type of property qualifies, including a duplex, triplex, condominium,
co-op, co-ownership, and mobile homes.
Because there are usually two participants involved in the purchase of each home, there can be a maximum of $40,000 available from individual RRSPs that can be used. If one spouse or partner has owned a home, but not the other, then the previous owner would not qualify and only one could apply for the Home Buyers Plan.
Individuals have 15 years to repay the RRSP withdrawal without
penalty. This means 1/15th of what's borrowed is due each year, over a
15-year span (for example on a $7,500 withdrawal, that's $500
annually). Repayments can start sooner, and penalty-free prepayments
are also allowed.
LAND TRANSFER TAX REBATE:
First time Buyers of newly constructed homes may be eligible for a
refund of LTT up to a maximum of $2,000.
Individuals must be at least 18 years of age and qualify as first time buyers. The newly constructed home must have never been occupied. The purchaser must occupy the home as his or her principal residence no later than nine months after the date the property is transferred to his or her possession.
The Buyer must apply for a refund no later than 18 months after
registration of the home purchase if a refund is not claimed at the
time of registration.
CMHC'S FLEX DOWN PRODUCT:
With as little as 5% down, all home owners have access to the Canadian Mortgage and Housing Corporation's (CMHC) mortgage insurance and with the Flexible Down Payment Plan product, the down payment may be borrowed from any down payment source that is arm's length to and not tied to the property purchase or sale transaction.
This product is available to new and repeat buyers that qualify.
More info at: www.cmhc-schl.gc.ca
(This summery of Incentives is for information purposes only and does not constitute legal advice.)
for internet marketing, web site design, development, promotion, and maintenance.
For more details call Tom Irwin. tel: (705) 328-5424 [Direct]