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Carmela Pirillo CPA
Carmela Pirillo CPA
Carmela Pirillo CPA
Unlock Homeownership: Tax Perks for First-Time Buyers!
By Carmela Pirillo | Published: Nov 15 2023

Dreaming of your first home? Exciting news – tax incentives await!
Ease your financial journey with these perks for first-time buyers:

  • First-Time Home Buyers' Tax Credit
  • Claim up to $5,000 on your tax return for qualifying homes, giving your finances a boost.
  • Home Buyers' Plan
  • Withdraw up to $35,000 from your RRSP tax-free, a practical way to use your existing savings.
  • Land Transfer Tax Rebates
  • First-time buyers may receive a significant rebate on the land transfer tax. Research your location for specific details.
  • GST/HST New Housing Rebate
  • Building new? Offset GST/HST paid on the purchase price, saving first-time buyers on new constructions.
  • Provincial/Territorial Programs
  • Explore additional grants and credits in your area, ranging from down payment assistance to tax benefits.

Embark on your homeownership journey with support! Research and leverage these options for your dream home. Consult a financial advisor for tailored advice. Happy house hunting!