Did you know as a first time home buyer, you can save up to $4,000 on your land transfer tax?
Ontario’s Land Transfer Tax is a provincial tax that is passed on to the purchaser of a property. Therefore you are responsible for paying Land Transfer Tax to the Province at the time the transaction closes. First Time Home Buyers receive a reduction of up to $4,000.00 on Ontario Land Transfer Tax.
Were you aware that you can use your RRSP'S to help with the purchase of your home?
As a first time home buyer, you are permitted to withdraw up to $25,000 PER BUYER from your RRSP for qualifying home purchases.
Loan repayments must take place over a period of 15 years, or less if desired, beginning in the second year following the year of withdrawal. Generally, you repay 1/15 of the total amount you withdrew every year until the loan is repaid. The penalty for not making a repayment for a year is that the amount will be included in your income for that year.
Everyone's situation is unique to their financial standing and needs. Book a free consultation with me to discuss your options.