First Time Home Buyers Enjoy Many Benefits, Potentially Saving Thousands

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Buying a home for the first time can be an overwhelming and unfamiliar experience. But with the right person by your side, you can expect it to be an exciting time with lots of rewards during the process and afterward during your journey of homeownership.

Here are just a few of the benefits of being a first time homebuyer.

First Time Home Buyers Tax Break

This is a non-refundable tax credit that is based on the amount of $5,000. Calculated by multiplying the lowest personal income tax rate for the year by $5,000 your tax credit will vary each year. For example, looking at tax year 2009, first time homebuyers benefitted with a $750 tax credit. That’s $750 right in their pockets!

Land Transfer Tax Refund

This tax benefit is another that is only available for first time buyers. It must be processed within 18 months of original date of property transfer and the amount is a maximum of $2,000 – again saving you a LOT of money. Buyers that are not working with a very hands-on or experienced agent can easily miss out on these savings, so it is important to work with someone willing to guide you through and explain each step from step.

RRSP Homebuyers Program

This is probably the most useful program for first time homebuyers that are able to tap into their RRSP contributions and use those funds toward the purchase a new home. Under this program, you can withdraw up to $25,000 from the RRSP account and you will have 15 years to repay the funds, tax-free.

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Keep in mind, that without the right representation and real estate partner by your side you could easily miss out on some of the fantastic savings opportunities that come only to first-time buyers. Having the right agent is the key to a successful home buying endeavor. I welcome the opportunity to work with you and pledge my utmost sincerity as I walk you through one of the most exciting experiences of your life!