Purchasing a home for the first time is perhaps one of the most daunting experiences one will have, especially from a financial perspective.

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In order to ease one’s first foray into the housing market, there are government programs in place that provide some financial relief in the form of rebates and tax refunds. Federally, the Government of Canada has the First-Time Home Buyer (FTHB) Tax Credit, and provincially, the Province of British Columbia and the Province of Ontario also have their own programs in place for first-time homebuyers.

So if it is your first time entering the housing market, make sure you take advantage of such programs if you are eligible – a dollar saved can go along way when purchasing your first home!

First-Time Home Buyer (FTHB) Tax Credit: A $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. Want to find out if you are eligible for the FTHB and if your home qualifies? Click here for more info.

Home Buyers’ Plan (HBP): The HBP allows you the prospective first-time homebuyer to withdraw up to $25,000 from their RRSPs to buy or build a qualified home. Want to find out if you are eligible for the HBP and if your home qualifies? Click here for more info.

First Time Home Buyer’s Program: Reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. Qualified B.C. residents may be eligible for either a full or partial exemption from the tax. Want to find out if you are eligible for the B.C. First Time Home Buyer’s Program and if your home qualifies? Click here for more info.

BC First-Time New Home Buyer’s Bonus: Planning on purchasing a brand new home or building one yourself in B.C? If you qualify, you can receive a one-time bonus payment worth up to $10,000. Find out if you are eligible for the bonus and if your home qualifies by clicking here for more info.

Land Transfer Tax Refund for First-Time Homebuyers: In Ontario, first-time homebuyers are eligible for a refund of the land transfer tax – a tax you pay when you buy land or an interest in land in the province of Ontario The maximum amount of the refund is $2,000. Find out if you and your home qualify for the Land Transfer Tax Refund for First-Time Homebuyers by clicking here.

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