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20
First Time Home Buyers Guide - Part 2
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First Time Home Buyers Guide - Part 2
This is Part 2 of my 5 Part series called “First Time Home Buyers Guide”. Part 2 will continue with Pre-Qualification.
Of course, you can always download my complete First Time Home Buyers Guide in PDF format below:
Radu’s First Time Buyers Guide
Step 1: What can you afford? (Pre-Qualification) – Continued…
Maintaining a warm, safe environment for you and your family is an accomplishment you can be proud of. One of the easiest way to make your that you can maximize your comfort is being prepared for the ongoing costs of owning and maintaining your home.
Listed below is a useful Needs Analyzer to make sure you’ll have enough money left over at the end of the month to enjoy your new home.
Step 1: What can you afford? (Pre-Qualification) – Continued…
c. Home Buyers’ Plan (RRSP) & GST/HST New Home Rebate
The Canadian Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $20,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related disabled person. In general, the plan allows a one time withdrawal of up to $20,000 from an RRSP and is repayable in 15 years, by once a year equal payments (for a total of 15 annual payments).
Also available to Home Buyers is the GST/HST New Housing Rebate for purchases of new or substantially renovated homes. This guide, as well as the complete Home Buyers’ Plan can be found on the Canada Revenue Agency website and the Home Buyers’ Plan Guide can be downloaded as well.
Link - Home Buyers’ Plan:
http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/hbp/menu-e.html
Link – GST/HST New Home Rebate:
http://www.cra-arc.gc.ca/tax/business/segments/construction/builders-e.html
Part 3 Will touch base with Mortgage Financing.
Radu Medan
Sales Representative
Coldwell Banker Case Realty, Brokerage
416.250.9000
rmedan@trebnet.com
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January 20th, 2007
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