2009 IS THE YEAR FOR FIRST TIME HOMEBUYERS !!!
$2,825 in rebates available this year only! (based on a $100,000 purchase)

There are several benefits currently available for First Time Homebuyers. Some of these benefits are time sensitive and may not be around for a long period of time.

Currently the Provincial Government is paying the Land Transfer Tax for first time homebuyers. An affidavit is usually signed at the lawyer’s office, so this tax does not have to be paid and then refunded.

The Federal Government announced with the new Budget for 2009 that they will offer a tax credit of $750 towards the cost of legal fees for first-time homebuyers. This is an incentive program that is available until February 01/10. In most situations, the buyer must pay the entire legal bill and then get the refund later.

Buyers looking to use their RSP’s for their down payment are now allowed to use up to $25,000 for each buyer. This is an increase from the $20,000 that was formerly allowed. Buyers should check with Revenue Canada to determine if they are qualified to use the RSP withdrawal program, as there have been changes to eligibility. Some repeat buyers may still qualify.

Many borrowers find homes that are in need of some repairs. Most of these repairs can be claimed through a new tax credit announced in the Federal Budget 2009. Homeowners can use up to $10,000 of eligible expenses and obtain a maximum $1,350 tax credit. This program is only available until February 01/10. This program is available for first time homebuyers, as well as existing homeowners. New buyers, first time or repeat buyers, that purchase a home with a Purchase Plus Improvements mortgage can also use these eligible expenses towards qualifying for the tax credit. For a list of eligible expenses, refer to the Federal Government, Department of Finance website at www.fin.gc.ca.

For further information, call us at (705) 256-5626, or visit us at www.AlgomaMortgage.com

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Danny Alessandrini
Real Estate/Mortgage Broker

Danny Alessandrini is an Accredited Real Estate and Mortgage Broker serving the Algoma District for 30 years.