- Thrive Mortgage Co.
What Programs Are Available As A First-Time Buyer
As a first-time buyer, you're probably wondering about some of the different programs that are available.
Let's start by talking about the federal homebuyers plan that's available for you as a first-time buyer.
The RRSP program is one of the most commonly used programs. You can borrow up to $35,000 from your RRSP account, you just have to pay it back within 15 years. There are some rules and stipulations. This must be for yourself as an owner-occupied property.
The next program that we'll talk about is a $750 tax credit. This program is eligible for anyone who's a first-time buyer in Canada. If you're purchasing a property for your following tax year, so the year after you purchase your property, your accountant can essentially check off the box and put in a line that you are a first-time buyer and you're eligible for up to $750.
Some provinces have a land transfer tax, and there are some different exemptions. Seeing as we're located in BC, we're going to talk a little bit about the BC property transfer tax exemption. This is a great program for anyone that's purchasing under $500,000. So, if your purchase price of the property you're looking at is $500,000 or less, you will be fully exempt from any property transfer tax. If your purchase price is between $500,000 to $525,000, you will get a partial exemption. Think of it like this, at $500,000 you get 100% of the exemption, and at $525,000, you get 0%. So, it's a sliding scale and your exemption is based on the amount between $500,000 to $525,000. Now, if you're wondering at all, if you're still eligible, talk to your accountant and talk to your lawyer because they will have the answers. Reach out to us and we can direct you from that standpoint.
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