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  • Writer's pictureBrandon Nishi

5 Benefits as a First-Time Home Buyer

5 benefits as a first-time home buyer

Saving for your first home is a significant financial goal that can open the door to homeownership and provide long-term financial security. Whether you're dreaming of a cozy starter home or your forever house, embarking on this journey requires careful planning and disciplined saving.

Here's 5 main benefits that can help you save money as you start your journey as a first-time homebuyer.

1. First Time Home Buyer's Program
  • Potential Savings: $8,000

  • This program in British Columbia is designed to alleviate the burden of the property transfer tax for first-time homebuyers.

  • You may be fully exempted if the property value is under $500,000

  • You may be partially exempted if the property value is under $525,000

  • For additional information, click here

2. Home Buyer's Tax Credit
  • Potential Savings: $750

  • This federal non-refundable tax credit is a targeted initiative aimed at promoting and facilitating affordable homeownership. Eligible recipients have the opportunity to claim up to $10,000, resulting in a one-time $1,500 tax credit, which can effectively reduce their tax liability by $750.

  • For additional information, click here

3. First Home Savings Account
  • Potential Savings: Savings based on tax reductions and investment

  • The first home savings account is a financial product that may offers tax benefits upon deposit like an RRSP. The funds saved in such an account can be used towards a down payment, and interest or earnings on the account are often tax-free when withdrawn for the purpose of buying a first home.

  • For additional information, click here

4. Home Buyer's Plan
  • The Home Buyer's Plan (HBP) is a Canadian government program that allows eligible first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to use for their home purchase without incurring taxes. This withdrawal must be repaid to the RRSP over a 15-year period.

  • For additional information, click here

5. First-Time Home Buyer's Incentive
  • The First-Time Home Buyer Incentive is a Canadian government program that helps eligible first-time homebuyers by providing them with a shared-equity mortgage. This means the government shares in the ownership and, in turn, helps lower monthly mortgage payments, making homeownership more affordable.

  • You may be able to borrow from 5-10% of the property value

  • For additional information, click here

Ready to purchase your new home? Let's chat!


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