FIRST-TIME HOMEBUYER INCENTIVES
Are you a first-time homebuyer?
Then you may be wondering, "what incentives are available to me?"
Let's take a look at the 3 most common incentives available to you!
The FIRST incentive that a first-time homebuyer gets is called a PROPERTY TRANSFER TAX EXEMPTION. In BC this is 1% of the first $200,000 and 2% for any amount above that. If you are buying a property that is $500,000 or less, you get a full exemption. That means no tax! To get a full exemption, you must be moving into the property. There is a sliding scale between $500,000-$525,000 that gets you a partial exemption.
The SECOND consideration is that you get access to a Canadian government program that allows you to UTILIZE YOUR RRSPs. You can also use your work RRSPs up to $35,000 per individual. This is tax free and can be used towards your downpayment. This money must be paid back within a 15 year period.
THIRD we have the HOMEBUYER'S PLAN which gains you a tax rebate. A year after you bought your home, you can let your accountant know that you bought a home the year before to get a partial tax rebate the next year.
If you have any questions about these or need help purchasing that first home, we're waiting to help you out!
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Call 604.398.5575 or Email us!
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