First Time Buyer
1.) Mortgage Broker; you will need to talk with them to find out if you can buy a home and for how much. There are many different types of mortgage brokers and you need to find one that will work for you. I have some recommendations depending if you are either self-employed, contractor or an employee.
2.) First-Time Home Buyers Tax Credit was introduced to help Canadians get into the housing market. You can apply for $5,000 tax credit, (or $750 back in 2018) for the purchase of a qualifying home if you meet both of the following conditions: You or your spouse or common-law partner acquired a qualifying home and You did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the 4 preceding years. The credit amount is determined by multiplying the lowest personal federal income tax rate for the year by $5,000. You do not need to be a First Time Home Buyer if you are a person with a Disability.
3.) The Home Buyers Plan allows you to withdraw up to $25,000 of your RRSP's for a home in a calendar year.
4.) GST New Housing Rebate for a new or substantially renovated house, including a mobile or modular home.
5.) Mortgage Default Insurance is required when you are putting 5% - 20% down on your home. It is provided by one of three Insurance companies. Genworth, CMHC, or Canada Guaranty. Your mortgage broker will organize this for you!