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A home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers and property owners. Some of the programs are targeted to first-time buyers, while others apply more generally. Other programs benefit those in the industrial, commercial and multi-unit property market. Your REALTOR can provide information on these programs and help you to determine your eligibility.
Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property.
This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.
The insured loan will be based on the lower of:
For more information call CMHC at (416) 221-2642 or www.cmhc.ca.
|Maximum Mortgage (95%)||$118,750|
|Minimum 5% down payment||$6,250|
The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $20,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home.
Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home.
If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $20,000. You cannot withdraw an amount from your RRSP under the HBP if you or your spouse owned the home more than 30 days before the date of your withdrawal.
Existing homeowners can use the HBP to purchase a more accessible home or a home for a disabled dependent relative where the individual withdrawing the funds:
With as little as a 5% down payment, from personal or other sources (see below for eligible other sources), all home buyers have access to mortgage insurance enabling then to enter the housing market, as long as they can manage the costs of home ownership.
For more information call CMHC at 1-800-668-2642 or access through www.cmhc.ca
You may be eligible to claim a rebate for a part of the HST you pay on the purchase price or cost of building your home if:
In the GTA, most builders include the HST in the price of the house, and any rebate would be assignable to the builder as they would be absorbing the net HST cost.
First-time home buyers who purchase a newly constructed home will receive a rebate of the Land Transfer Tax (LTT). All other buyers will continue to pay the full applicable tax. The maximum LTT rebate is $2,000.
For more information call the Ontario Finance Ministry at 1-800-263-7965.
|These four portions added up together total the LTT payable. A simple formula is as follows:|
|**Purchase Price||Calculation of LTT|
|$0 to $55,000||0.5% x purchase price|
|$55,001 to $250,000||(1% x purchase price) minus 275|
|$250,001 to $400,000 (residential)
$250,001 plus (business)
|(1.5% x purchase price) minus 1525|
|$400,001 plus (residential only)||(0.2% x purchase price) minus 3525|
|**If the purchase price falls within this range, then apply the appropriate formula to the purchase price. For example on a $200,000 property, the LTT calculation would be [(1% x $200,000) minus 275 = $1725].|
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