The Ontario government wants people to move here, invest in real estate, and contribute to the economy. To accomplish this, the government has provided many government programs to help first-time home buyers. Most of the Realtors may not be aware of all these programs. One can save lot of money…
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Home Buyers’ Plan: Registered Retirement Savings for down payments. Canada Revenue Agency’s Home Buyers’ Plan lets qualifying home buyers use up to $25,000 of their Registered Retirement Savings Plan (RRSP) to buy a home. Couples can use up to $50,000. The home must be the principal residence, the home buyers must not have owned a home within the past five years and the loan must be repaid within 15 years.
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First-Time Home Buyers’ Tax Credit
First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs.
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Newfoundland Labrador Down payment Assistance Program
NOTE: The 2015-16 Down payment Assistance Program (DAP) is now closed. Applications postmarked after December 9, 2015, will not be accepted, as funding has been fully committed.
Who is eligible?
Applicants for the Newfoundland Labrador Down payment Assistance Program must be first-time home buyers from any region of the province who meet the DAP requirements and all other criteria for approval from a financial institution.
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Government Programs for First Time Home Buyers
Government Programs for First Time Home Buyers can assist Canadians to acquire their dream home.Timing, search and your knowledge can save you lot of money by utilizing Government Programs for First Time Home Buyers.
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