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Must know First-Time Buyer Incentives in Ontario Canada

Are you ready to embark on the exciting journey of homeownership in Canada? Discover the incredible perks awaiting first-time buyers in the GTA, courtesy of the Government of Canada. In this blog post, we’ll unveil four enticing incentives that can make your home-buying experience even more rewarding!

1. First Time Home Buyer Tax Credit

Are you aware of the #FirstTimeHomeBuyerTaxCredit? This incentive allows you to score up to $1,500 in tax rebates on your first property. Imagine having some extra cash back in your pocket come tax season!

2. Land Transfer Tax Rebate

Say goodbye to a portion of that land transfer tax with the #LandTransferTaxRebate. As a first-time buyer, you can enjoy rebates of up to $4,000 in Ontario and an additional $4,475 if you’re making moves in the city of Toronto. That’s more money for your new space!

3. RRSP Home Buyers Plan

Do you have an RRSP account? Good news! The #RRSPHomeBuyersPlan allows you to flexibly withdraw up to $35,000 for your first home. Your dream home just became more attainable! 🤝

4. First Time Home Buyer Incentive

Let the government chip in with the #FirstTimeHomeBuyerIncentive! Receive 5% or 10% of your home’s purchase price for a down payment, courtesy of the Government. Lower monthly payments? Yes, please! (Terms and Conditions Applied)

first time home buyer
Don’t forget to explore additional incentives offered by your provincial government and city. Each region has unique perks for new homeowners!

Embarking on your first home-buying journey in the GTA comes with a myriad of perks. From tax credits to land transfer tax rebates and government incentives, the path to homeownership is paved with opportunities. Take advantage of these benefits, and don’t forget to explore what your provincial government and city have to offer. to know more about fir st time home buyer incentives applicable to you, connect with us. We’ll be happy to help. Happy home hunting!

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Gagan Verma - top toronto realtor