John Burke SRES Sales Representative
Royal LePage Connect Realty, Brokerage Independently owned and operated
Office: 416-751-6533Mobile: 416-409-0873

Home Ownership Incentives

January 17, 2014 - Updated: January 17, 2014

Home Ownership Incentives

"Government Programs to help you save"

Home Buyers' Plan (HBP)

The Government of Canada's Home Buyers' Plan allows qualified buyers to withdraw a maximum of $25,000 from their RRSPs to purchase or build a house.  If your spouse is also eligible, you can each withdraw up to $25,000 towards the down payment, for a total of $50,000.  No income tax is deducted from these funds, as long as they are repaid to the RRSP according to the government's repayment schedule.

 

How the Plan Works

You may participate in the plan if you (or your spouse) have not owed a home which you occupied as your principal residence in the last five years.

 

Repayment Schedule

The money you withdraw from your RRSP must be repaid over a period of no more than 15 years to retain its tax deferred status.  Your repayment period starts the second year you made your withdraws.  For example, in October 2003 you withdraw $15,000 from your RRSP to finance the purchase of your home.  Your first annual repayment of $1,000 ($15,000 divided by 15 years) is due December 31, 2005.

For more information  go to the Canadian Customs and Revenue Agency web site at www.ccra-adrc.gc.ca and search for 'Home Buyers Plan'

 

CMHC's Five Per Cent Down

With as little as five per cent down, all home owners now have access to the Canada Mortgage and Housing Corporation's (CMHC) mortgage insurance.  This means CMHC may insure the mortgage on your home (against default in payments) for up to 95 per cent of the lending value of the home.  This helps make home ownership a reality for many Canadians who can afford monthly mortgage payments but would have trouble saving for a larger down payment.  The program is open to both new and repeat home buyers who buy a home in Canada and occupy it as a principle residence.  Maximum house prices apply to loans greater then 90 per cent of the value of the home.

The mortgage insurance premium is based on a sliding scale.  The premiums can be added to the mortgage paid on a monthly basis.

Comparable mortgage insurance may also be offered through other financial services providers.

For more information, go to CMHC's web site at www.cmhc-schl.gc.ca and search for 'Mortgage Loan Insurance'.

 

Help the Planet, Help Your Wallet

CMHC has added environmentally friendly features to the Mortgage Loan Insurance it offers. If you use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient, a 10% refund on the Mortgage Loan Insurance premium may be available. You could also have the added flexibility of a longer amortization (the period of time required to repay your mortgage) from 25 years to a maximum of 40 years, significantly reducing your monthly payments.

The Government of Canada actively promotes energy conservation and initiatives to reduce greenhouse gas emissions that contribute to climate change.

How It Works

Obtaining an energy assessment through an NRCan qualified energy advisor.

NRCan has developed an energy assessment and labelling system to help homeowners make energy-saving choices when buying a home or renovating. For a fee, a NRCan qualified energy advisor will evaluate the house to determine its energy efficiency rating on a scale of 0  100.

For more information, including information on the Government of Canadas ecoEnergy initiatives, visit http://oee.nrcan.gc.ca

 

Land Transfer Tax (LTT) Rebate

First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725.

To be eligible as a first-time buyer for the provincial LTT rebate and/or Toronto LTT rebate,

  • The purchaser must be at least 18 years of age.
  • The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.
  • The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
  • If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse. If this is the case, NO refund is available to either spouse. Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.

For more information, contact the Ontario Ministry of Finance at 1-800-263-7965.


Tagged with: government programs home ownership
| | Share

Comments (7)

Posted by: Robertdix of https://www.cialissansordonnancefr24.com/
December 4, 2017 @ 12:46 pm
Doctor Who is now considered a British Institute and has come a long way since it first aired on November 23rd 1963. The very first show saw the Doctor travel 100,00 years into the past to help some dim cavemen discover light. After 26 seasons and seven Doctors later the series came off our screens in 1989 much to the disappointment of the huge devoted fanbase. In 1996 an attempt was made to revive Doctor Who but it wasnt until June 2005 when it came back with a vengeance with Christopher Eccleston as the ninth Doctor that put the series back on the map as it were. It then went on for 5 years with David Tenant portraying the Doctor until 2010 when Matt Smith took over the role. Today it is still a great family show and has attracted many new fans. https://www.cialissansordonnancefr24.com/le-cialis-est-il-en-vente-libre-en-belgique/
Posted by: PhilipTrund of https://www.cialissansordonnancefr24.com/
December 1, 2017 @ 4:29 am
ome people, especially those running on busy daily schedules tend to use the pills to help maintain weight since they can not afford to follow all the diet programs. This is not advised. It is recommended that one seek advice from a professional in this field before using the pills. This can save one from many dangers associated with the misuse. The diet pills should always be taken whole. Some people tend to divide the pills to serve a longer period of time. This is not advised and can lead to ineffectiveness. If it is required that one takes a complete tablet, it means that a certain amount of the ingredients are required to achieve the desired goal. It is also recommended that one does not crush the pill and dissolve it in beverages. Chemicals found in beverages have the potential of neutralizing the desired nutrients in the pill thereby leading to ineffectiveness. The best way to take the tablets is swallowing them whole with a glass of water. https://www.cialissansordonnancefr24.com/cialis-generique-moins-cher/
Posted by: Caseyrainc of https://www.viagrapascherfr.com/
October 9, 2017 @ 3:51 pm
Some people, especially those running on busy daily schedules tend to use the pills to help maintain weight since they can not afford to follow all the diet programs. This is not advised. It is recommended that one seek advice from a professional in this field before using the pills. This can save one from many dangers associated with the misuse. The diet pills should always be taken whole. Some people tend to divide the pills to serve a longer period of time. This is not advised and can lead to ineffectiveness. If it is required that one takes a complete tablet, it means that a certain amount of the ingredients are required to achieve the desired goal. It is also recommended that one does not crush the pill and dissolve it in beverages. Chemicals found in beverages have the potential of neutralizing the desired nutrients in the pill thereby leading to ineffectiveness. The best way to take the tablets is swallowing them whole with a glass of water. The diet pills speed up the metabolic processes. This is the key factor that leads to the burning of all the fats in the body. This means that one passes out lots of urine, which subsequently leads to dehydration. It is imperative that the user take lots of water round the clock. This will help curb dehydration, which can lead to health problems. In addition to that, water offers the required medium for the function of the nutrients and elimination of the fats. When buying the review of diet pills, it is imperative that one gets the most recommended dose. People tend to compromise the quality and effectiveness of the tablets due to the variation in cost. The low priced pills depict poor quality, which means their effectiveness is not reliable. Some have also been found to cause health problems. The dose should also be taken as recommended. Over dose will not speed up the process but rather lead to complication. This will increase risk of side effects. If the taking of the pill is forgotten, do not take more to compensate for the lost time. The diet plan enclosed with the diet pills has also to be followed. According to the requirements, the termination of the diet must be done even with no results. This means your body is irresponsive.
Posted by: AngeloDat of https://www.acheterviagrafr24.com/
October 1, 2017 @ 9:42 pm
No matter how you do it, losing weight is an individual thing. Friends can help you but they can't lose the weight for you. You've got to take charge of your weight loss from the beginning if you want to get serious about losing weight. The following tips will help.
Posted by: Jefferypab of https://www.acheterviagrafr24.com/
October 1, 2017 @ 9:49 am
Stress can have an unbelievable impact on health. It can come from a variety of sources and have a diversity of manifestations. The tips that are outlined below will aid in the identification of the factors that cause stress and in the steps that we can take to reduce its impacts or eliminate them entirely. effet du viagra chez l'homme
Posted by: Timothyplaup of https://www.viagrasansordonnancefr.com/
February 24, 2017 @ 12:06 am
If your partner complains that you snore during your sleep, or if you wake up in the morning feeling tired and grouchy, you may have a common sleep disorder called sleep apnea. This means that at night, your airway is blocked and you stop breathing during your sleep. If you have this condition, you need to find treatment right away to avoid further problems. Skip sleeping pills if you are prone to bouts of sleep apnea. You may feel you need them to get to sleep, but they have a similar effect as alcohol on the body. They also have additional side effects besides the obvious ones. Stay away if you want to lessen your sleep apnea symptoms. Try your best to lay off tobacco and nicotine products. Cigarette smoke can irritate your upper airway causing it to swell up, subsequently hindering your ability to breath during the night. Quitting smoking could therefore, significantly improve your sleep apnea symptoms and will also improve your body's overall health and your feelings of well-being. On easy way to help limit your sleep apnea is to stick to regular sleeping hours. When you stick to a sleep schedule that is steady and consistent, you will be more relaxed and sleep much better. Apnea episode frequency will be greatly reduced if you can get plenty of sleep every night. If you are taking a great deal of medicines on a regular basis, sit with your doctor and discuss how they can be reduced. Side effects from prescription medication can be making your sleep apnea worse. Keep a dialog open with your doctor and make sure he is up to date on all your symptoms. Keep your bedroom in prime shape for sleeping. Insomnia and sleep apnea are often connected. This makes keeping an environment in which you sleep at the right temperature, lightness level and sound level important for helping you get a good night of rest. The right environment also means leaving your stresses outside the bedroom to ensure you are relaxed enough to fall asleep. Remember to keep your medical ID upon your person if you make use of a CPAP for your sleep apnea. If you are in need of medical attention, it is important that the people helping you realize you have sleep apnea and use CPAP therapy. With your ID you can inform medical personnel about your sleep apnea and your CPAP device. The most important aspect of dealing with sleep apnea is understanding exactly what it is. Unlike simple snoring, it is when a sleeper stop's breathing for a short period of time while he is sleeping. If your sleep partner tells you that sometimes you stop breathing, there is a good chance you have apnea. Minimize your risk from the conditions causing sleep apnea. Some sleep apnea risk factors cannot be changed, like genetic or hereditary reasons. But others, such as weight smoking and drinking, can be controlled. Make no mistake, sleep apnea is one of the most disruptive conditions a person can have, largely due to its ability to rob sufferers of the sound sleep they need to stay healthy. The best way to effectively deal with the condition is to understand it completely. Keep the information in this article handy in order to stay on top of this dangerous condition and reclaim peace of mind. viagrasansordonnancefr.com
Posted by: JamesImito of https://www.acheterviagrafr24.com/
January 30, 2017 @ 4:56 am
As you will inevitably learn on your path to losing weight, effective weight loss is not only about watching what you eat, but much more about changing your lifestyle. This means changing your habits and how you approach your day-to-day life. Read this information to help you throughout the process.

Leave a comment...

Please enter the numbers found on the right.

Contact Me

John Burke SRES Sales Representative
Royal LePage Connect Realty, Brokerage Independently owned and operated
1415 Kennedy Rd. Suite 22
Toronto, ON   M1P 2L6

Phone: 416-751-6533Mobile: 416-409-0873Fax: 416-751-7795
Powered by Lone Wolf Real Estate Technologies (CMS6)