Take advantage of the Home Buyers' Plan (HBP): The HBP is a program that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) tax-free to use towards the purchase of their first home. However, this amount must be paid back into the RRSP within 15 years. Claim the First-Time Home Buyers' Tax Credit (HBTC): This is a non-refundable tax credit of up to $10,000 that can be claimed by first-time homebuyers to help offset the costs... [read more]

Home Buying Strategies for the Spring Season Define your needs: Determine your housing requirements, including desired home features and neighborhood characteristics. Consider the family size, lifestyle, and proximity to work. Remember that properties with spacious backyards and entertainment areas may be in high demand early in the spring season. Embrace competition: Prepare for potential bidding wars by anticipating competition from other buyers. Plan your budget with flexibility... [read more]

First-Time Home Buyer Tips   As a first-time home buyer in Ontario, the process of buying a house can be both exciting and overwhelming. To help you navigate this journey, here is a detailed guide outlining the steps you should take:   Assess your financial situation: Before starting your search, analyze your financial health to determine your budget. Calculate your income, expenses, debt, and savings. Use a mortgage calculator to estimate your mortgage payments and... [read more]

FHSA: A Tool for First-Time Homebuyers   In April 2022, the Canadian government introduced the tax-free first home savings account (FHSA) as a response to the country's hot housing market. The FHSA is a new registered account that aims to help first-time homebuyers achieve their homeownership goals. But how exactly does this account work, and how can it be leveraged to its fullest extent? In this guide, I'll provide you with everything you need to know about the FHSA,... [read more]

First-Time Home Buyers’ Tax Credit (HBTC)   First-Time Home Buyers' Tax Credit (HBTC) – Updates and Changes for 2022 and Beyond   Introduction The First-Time Home Buyers' Tax Credit (HBTC) is a non-refundable tax credit aimed at assisting first-time homebuyers in purchasing a qualifying home. The Canadian government has proposed changes to the HBTC for 2022 and subsequent taxation years, increasing the amount used to calculate the tax credit to... [read more]