For the Lakeside Leader
Did you know that there are Government programs, incentives and even an app that will help Home Buyers? The first and most familiar program is the Home Buyer’s Plan where you can withdraw up to $25,000 in RRSP’s to buy or build (a qualifying home). You or your spouse MUST be a first time buyer (even if you aren’t and your spouse is, one of you will be eligible). You are considered a first time home buyer, if in the 4 year period you did not occupy a home that your or your current spouse owned. (See CMHC website for more details on eligibility qualifications). Canada Mortgage and Housing Corp (CMHC) also has a great app available on the APP store, Google Play or BlackBerry APP World. The App gives you useful info like explaining the Home Buying process from start to finish, Mortgage calculators, Mortgage budget calculators and even tells you your total Debt Service, which ultimately determines how much you can borrow from the bank. Check it out, it’s free! Another program that Buyer’s may be eligible for is the First Time Home Buyer’s Tax Credit (HBTC). This started in 2009 and is based on an amount of $5,000, for certain home buyers that acquire a qualifying home. Check with your accountant to be sure of the percentage (and more details), you are eligible for but for 2009 it was 15 per cent and equated to a credit of $750. You can qualify for the HBTC if you or your spouse acquired a qualifying home and if you did not live in another home owned by your or your spouse in the year of acquisition, or in any of the 4 preceding years. You must live in the home to be eligible. These are just a few of the programs that CMHC offers but there are many more that you may be eligible for. Check with your accountant to see what will benefit you best. For more information on buying, selling or property management, call Royal LePage Progressive Realty at 780-805-3111, visit our website at www.Royallepageslavelake.com, visit our kiosk at the MRC or call your favorite Royal LePage Progressive Realty Realtor!