Buying a home is an investment, but there are several rebates available that can help you offset the cost of your purchase or upgrades that you do within your home. Working with professionals that understand your situation is the best way to make sure that you take advantage of any rebates that you may be entitled to. First time buyers in particular have several incentives that can amount to thousands of dollars in savings. Here are a few of the most common rebates that are available in the GTA:
Home Buyer Plan for First Time Home Buyers – The federal government allows first time home buyers to withdraw up to $25,000 for their RRSPs to use as a down payment, without paying income tax on the withdrawal. You have 15 years to repay the funds without penalty, starting 2 years after the withdrawal date.
Land Transfer Tax for First Time Home Buyers – The Ontario Government will refund the land transfer tax for first time buyers only, up to a maximum of $2000. If you are buying within the City of Toronto, there is an additional rebate for up to $3725.
First Time Home Buyer Tax Credit – To assist first time buyers with the costs associated with the purchase of their new home, the government offers a federal tax rebate that results in a refund of about $750.
Ontario Power Authority Rebates – Need an incentive to improve the efficiency of your house? There are rebate programs available for several elements of your home including light bulbs and programmable thermostats. Not only will you save money on your utility costs, but you can offset the cost of your upgrades through this program.
Want to know if you qualify for any special rebate programs? James Benson will use his a wealth of experience to ensure any opportunity is maximized. Contact him today to discuss your unique situation and see how buying a home with James can put money in your pocket.