First Time Home Buyers in Vancouver
Rob and Erina have helped many first time home buyers buy their first home. We are very informed with all of the benefits available to first time home buyers and can clearly explain the home buying process to you. Buying your first home can be a scary and daunting process, but by working with Rob and Erina, you will feel comfortable and secure with all of the decisions you will be making.
Here are some benefits available to first time home buyers:
1. Property Transfer Tax Exemption
First Time Home Buyers are exempt from paying the Property Transfer Tax (PTT) when purchasing their first home, provided that they meet a number of restrictions including:
- The value of the property purchased is less than $425,000
- You are a Canadian citizen or Permanent Resident
- The property purchased will be used as a principal residence
- You have lived in BC for at least 12 consecutive months prior to property registration
For a complete list of restrictions and the requirements to keep the exemption, visit:
http://www.sbr.gov.bc.ca/documents_library/brochures/FirstTimeHomeBuyer.pdf
2. RRSP Deduction (Home Buyers' Plan)
The Home Buyers' Plan (HBP) allows First Time Home Buyers to withdraw up to $25,000 from your Registered Retirement Savings Plans (RRSPs) for the purpose of purchasing a home. The general rule is that you need to pay back the amount you withdrew within 15 years.
For further information on the Home Buyers' Plan, visit:
http://www.cra-arc.gc.ca/E/pub/tg/rc4135/rc4135-e.html
3. First Time Home Buyers' Tax Credit
The First Time Home Buyer's Tax Credit was recently introduced in the 2009 Federal Budget. First Time Home Buyers who acquire a qualifying home after January 27, 2009 will be eligible for a $750 tax credit when they file their 2009 taxes.
For more information, please visit:
http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html