Thursday, 1 May 2014

Atten Homebuyers- Federal government has assistance programs to help homebuyers

The federal government
has assistance programs
to help homebuyers.
Research government
program requirements to
see if you are eligible.
 
 
 
 
 
 
First-Time Home B uyers’ Tax Credit – a

$5,000 non-refundable income tax credit

on a qualifying home. The credit provides

up to $750 in tax relief to assist first-time

buyers with purchase costs. For more

information, check the Canada R evenue

Agency’s (CRA) website:


www.cra-arc.gc.ca.




• Home B uyers’ Plan – a one-time

withdrawal up to $25,000 from a

Registered R etirement S avings Plan (RRS P)

by first-time buyers to help purchase or

build a home. Generally, you have to repay

all withdrawals from your RRS P within 15

years. For more details, visit CRA’s website


at: www.cra-arc.gc.ca.




• CMHC Green Home program – when you

use CMHC-insured financing to buy or

build an energy-efficient home or make

energy-saving renovations, you may

qualify for a premium refund of 10% on

your mortgage default insurance and a

premium refund for a longer amortization

period (if applicable). Check out CMHC’s

website for more information:


www.cmhc.ca.




Government programs can change over

time. For the most up-to-date information,

refer to S ervice Canada’s website:


www.servicecanada.gc.ca.

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