First-Time Home Buyers
Buying a first home can be a very challenging endeavour. After all, there are so many things to keep in mind and you may be anxious about making a mistake on the biggest purchase of your life. But first-time home buyers can also enjoy some special advantages. Some of the incentives and rebates available to help the first-time home buyers to get into the real estate market are:
- RRSP Home Buyer’s Plan – This plan allows you to borrow up to $35,000 tax free from your RRSP to help you fund your down payment.
- Land Transfer Tax Rebate – When you buy a home in Ontario, you are subject to pay land transfer tax upon closing your home. As a first-time home buyer, you may be eligible for a rebate for all or part of this tax.
- First-Time Home Buyer’s Tax Credit – This rebate allows you to recover some of the purchase cost to help offset legal fees, inspections and other closing cost. This credit is valued at $750 and need to be claimed on your tax return in the year you buy the property.
- GST/HST New Housing Rebate – This rebate offers funds back to Canadian who buy a newly built home, construct a new home or make substantial renovations to their existing home. In all three cases, an individual will incur GST/HST and will be reimbursed for a portion of this tax.
- First-Time Home Buyer Incentive – This incentive helps first-time home buyers to finance their home purchase through a shared equity mortgage with the Government of Canada.
When it comes to mortgages, it hasn’t always paid to be self-employed because reducing your taxable income can make it difficult to qualify for the mortgage you deserve.
We work with lenders that offer excellent mortgage options for self-employed Canadians. These lenders understand that self-employed individuals have tax write-offs creating significant reductions in their declared income. With these lenders, you will not be required to prove your income and a reasonable estimate of your annual income will be acceptable to help you qualify for the mortgage for your home.
New to Canada
With newcomers to Canada playing an ever increasing role in Canada’s future population growth, mortgage financing is available to borrowers with a permanent and non-permanent residence status with the goal of helping newcomers to Canada realize their dream of home ownership.
Newcomers to Canada within the last 5 years with the permanent residence status can purchase home with as little as 5% down payment.
When you have high interest debts such as credit card debts, student loans, car loans it is wiser to combine these high monthly payment at a lower interest rate to save interest cost and pay off your debts faster while helping you keep the cash in your pocket. Debt consolidation also helps you improve your credit score.
Alternative and Private Lenders
If you have poor credit, insufficient income and outstanding taxes to pay, we have lenders who will help you get back on your feet.