Always finding the best mortgage product. Saving thousands of dollars for our clients.

Email:
igor@morgun.ca

Phone:
604-362-4467

Schedule a call

 

programs available to first time home buyers

First Home Savings Account (FHSA)

RRSP Withdrawal (HBP)

Extended Amortization

other items to keep in mind

Property Transfer Tax exemption: properties with a market value of $835,000 and lower receive a PTT exemption of $8,000. Partial exemption is available for properties with a market value of $865,000.

Property Transfer Tax exemption on NEW construction: up to $21,000

First-Time Home Buyers’ Tax Credit (HBTC): a federal non-refundable tax credit designed to assist first-time home buyers. Eligible individuals can claim up to $10,000 for the purchase of a qualifying home, results in a tax credit of up to $1,500.

What do I start with?

It’s always best to reach out early so we can guide you through the entire process – from the first steps to getting your mortgage funded. In many cases, we begin working with clients years before they purchase their first home. Clients who take full advantage of government programs and plan ahead tend to save the most and reach their down payment goals faster. Here’s a quick guide to help you get started:

Contact Us: Send us an email so we can help map out your path to homeownership.

  • Open a First Home Savings Account (FHSA): Start contributing early to build your savings tax-free.
  • Review Your RRSP Accounts: Determine how much you’re eligible to withdraw tax-free under the Home Buyers’ Plan (HBP).
  • Consider Opening an RRSP: If you don’t already have one, opening an RRSP can be helpful – especially if you plan to contribute more than the FHSA limit.
  • Know the Timelines for Pre-Sale Purchases: Make sure you withdraw funds from your FHSA and RRSP within the eligible timeframes.
  • Inform Your Accountant: Keep your accountant updated on all FHSA and RRSP contributions and withdrawals to maximize your tax savings.
  • Claim Post-Purchase Tax Deductions: After buying your first home, you may be eligible for additional tax credits in the following year.
Our clients save more than $10,000 by taking advantage of these programs

will you be a first time home buyer? Reach out for a step by step guide.

    First-time home buyers have a valuable opportunity to save thousands of dollars in income taxes.