Residential: First-time buyers
How Golden Law Office can help residential first time buyers
Many will agree that choosing a home is a pinnacle milestone in life which is why we want to help to ensure a smooth and hassle-free process for residential first-time buyers.
You need a lawyer that will help guide you through the home buying process. At Golden Law Office we can provide you with the support you need to make the buying of your first home a pleasant experience.
At Golden Law Office we will give you the confidence that the legal issues involved in buying your home are handled by an experienced, competent lawyer.
First Time Buyers Land Transfer Tax Refund
If you have never owned a home before anywhere in the world and you are purchasing the home to be occupied as your principal residence within nine months of the purchase, you are entitled to a refund of the Ontario provincial Land Transfer Tax to a maximum of $2,000.00.
In most situations, the refund can be claimed at the same time as the registration of the Transfer of the property and you are not out of pocket the amount of the Land Transfer Tax.
First Time Home Buyers RRSP Plan
The First Time Home Buyers RRSP Plan (HBP) allows first-time home buyers to withdraw money from RRSPs to buy or build a home for yourself or for a related person with a disability. The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn. To qualify for the Home Buyers Plan, an individual must not have not owned a home during the last 4 full calendar years. If you have an RRSP that you wish to use for your first time home purchase, you should contact your financial institution to discuss the First Time Home Buyers RRSP Plan in more detail to see if it is right for you!
Contact us at our office today on 519-738-4111 or click here to fill out our easy contact form so we can assist your home buying needs.