Government Programs
1. Property Transfer Tax
Effective as of March 2008 the new threshold for the exemption to paying PTT has increased to $425,000 with a partial exemption to $450,000. The Provincial government has also removed the requirement for borrowing greater that 70% financing.
Good News:
Effective as of March 2008 the new threshold for the exemption to paying PTT has increased to $425,000 with a partial exemption to $450,000. The Provincial government has also removed the requirement for borrowing greater that 70% financing.
2. Using your RRSP
If you have not owned your principle residence for the past 5 years, you may use your RRSP's as down payment. Each person is eligible to redeem up to $25,000. These monies must be paid back within 15 years in equal portions. If you do not pay these monies back they will become taxable income for that taxation year. Please visit the CCRA for access to info regarding using your RRSP's for homebuying purposes and the form for withdrawal of you RRSP.
Read here for more information.