From the Home Buyers\u0027 Plan for a down payment to no property transfer tax, we look at what help you can get as a first\u002Dtime buyer in B.C.
To break it down, we talked to Abdul Safi, a mortgage specialist who works for TD in Guildford.The HBP allows homebuyers to take up to $35,000 from their plan for a down payment without immediate tax implications. The catch of course is “immediate.” Starting the second year after the funds are withdrawn, home buyers must return the money to their RRSP within 15 years. If they don’t, the amount for that year is considered income and subject to tax.
The catch: the government wants its pound of drywall, as it were, upon the home’s sale or after 25 years. Then, an equal percentage of the home’s fair market value goes to the feds. “It’s not a very popular program,” Safi said. “I’ve seen it once, maybe twice in the last four years. I’ll facilitate over 200, 250 mortgages a year.
The exemption is only for re-sale homes up to the $500,000 mark, with a partial exemption for those between $500,000 and $525,000, and up to $750,000 for pre-sales. Try to find properties in Metro Vancouver that list for those amounts.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Budget 2022: Tax-free savings account coming for first-time home buyers - National | Globalnews.caThe 2022 federal budget had a host of housing announcements, including a new tax-free savings account for first-time buyers and plans to ramp up the pace of building.
Read more »
Hernández leads Blue Jays to wild 10-8 win in Toronto's first home opener since 2019Teoscar Hernández had a three-run blast and scored the game-winning run as the Toronto Blue Jays rallied for a raucous 10-8 win over the Texas Rangers on Friday.
Read more »
Liberals stake their reputation as inflation-fighters on help for home buyers in budget 2022Housing is where the Liberal government will stake its reputation for helping with affordability
Read more »
Home and condo builders aim to develop without carbon emissionsHome and condo builders are investing in new technologies to wean themselves off dependence on natural gas
Read more »
Home and condo builders aim to develop without carbon emissionsHome and condo builders aim to develop without carbon emissions
Read more »
Blue Jays betting guide: Will home opener skid continue vs. Rangers?The Toronto Blue Jays begin their highly anticipated 2022 season with the opener of a three-game series against the Texas Rangers at home on Friday night. Hopefully this piece will help you make an informed decision if you decide to put a little sprinkle down on the game.
Read more »