Key Points for First Time Home Buyers

Written By Guest User

Buying your first home is one of, if not the largest, most important purchase of your life. We at Maziar Mortgages understand and empathize with the fact that it can be overwhelming as a first time buyer to approach this process. By providing each of our clients with the proper guidance, tools, and professionals on their team, we’re able to create a seamless, positive home buying experience from start to finish.

Below are a couple of key points for first time home buyers to note:

Did you know as a first-time home buyer, you can save up to $4,000 on your land transfer tax?

Ontario’s Land Transfer Tax is a provincial tax that is passed on to the purchaser of a property. Therefore, you are responsible for paying Land Transfer Tax to the Province at the time the transaction closes. 

Were you also aware that you can use your RRSP'S to help with the purchase of your first home?

As a first-time home buyer, you are permitted to withdraw up to $35,000 PER BUYER from your RRSP for qualifying home purchases.   Loan repayments must take place over a period of 15 years, or less if desired, beginning in the second year following the year of withdrawal.  

Guest User
Next

First Time Home Buyers Incentive (FTHBI)