Buyer Tip: Tax Deductions
When you’re buying a house for the first time you’re mostly worried about all of the costs that come with being a new home owner. It can seem overwhelming as you'll have closing costs, lawyer fees, REALTOR® fees (if applicable), moving costs, etc. Luckily, there are a few great ways to get back money back on your new investment. Check out these deductions and make sure to save this post for tax time next year!
1. The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada.
2. The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief.
3. The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
4. You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house.
5. The Canada Greener Homes grants and loans are helping Canadian homeowners across the country improve the energy efficiency of their homes and reduce their energy bills. Eligible homeowners will be able to receive grants and loans to make energy-efficient retrofits to their homes.
Contact us today to learn more!
Island Homes Group
David Silletta *PREC | Agustin Torres *PREC
☎️ David: 250.888.6924 | Agustin: 250.886.8520