{"id":56449,"date":"2023-05-05T12:52:31","date_gmt":"2023-05-05T19:52:31","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=56449"},"modified":"2023-05-05T12:52:33","modified_gmt":"2023-05-05T19:52:33","slug":"4-tips-to-help-first-time-home-buyers-buy-a-home","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2023\/05\/05\/4-tips-to-help-first-time-home-buyers-buy-a-home\/","title":{"rendered":"4 Tips to Help First Time Home Buyers Buy a Home"},"content":{"rendered":"\n
1) Participate in the Home Buyers’ Plan<\/strong><\/a>
Allows you to withdraw funds from your RRSPs\u00a0to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period.\u00a0 Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less.

2) The First-Time Home Buyer Incentive<\/strong><\/a>
The program works by getting an extra 5% or 10% of the down payment of your home and then repaying the Government either 5% or 10% of the property\u2019s market value at the time of repayment.\u00a0In the case of appreciation, the Incentive amount plus a maximum gain to the Government of 8% per annum.

3) First Time Buyers Property Transfer Tax Exemption<\/strong><\/a>
A full exemption to PTT is available for qualified first time buyers purchasing a property under $500,000.

4) Tax Free First Home Savings Account<\/strong><\/a>
In 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home, like a Tax-Free Savings Account (TFSA).<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

1) Participate in the Home Buyers’ PlanAllows you to withdraw funds from your RRSPs\u00a0to buy or build a qualifying home for yourself or for a related…<\/p>\n","protected":false},"author":3,"featured_media":54736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[891,971],"tags":[1468,1463,378,626,643],"acf":[],"taxonomy_info":{"category":[{"value":891,"label":"Buyers"},{"value":971,"label":"News + Tips"}],"post_tag":[{"value":1468,"label":"buying a home"},{"value":1463,"label":"first time home buyer"},{"value":378,"label":"james garbutt"},{"value":626,"label":"real estate"},{"value":643,"label":"realtor"}]},"featured_image_src_large":["https:\/\/www.garbuttdumas.ca\/wp-content\/uploads\/2022\/06\/Selling-Your-Home-1024x1090.jpg",1024,1090,true],"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":891,"name":"Buyers","slug":"buyers","term_group":0,"term_taxonomy_id":891,"taxonomy":"category","description":"","parent":0,"count":156,"filter":"raw","cat_ID":891,"category_count":156,"category_description":"","cat_name":"Buyers","category_nicename":"buyers","category_parent":0},{"term_id":971,"name":"News + Tips","slug":"news","term_group":0,"term_taxonomy_id":971,"taxonomy":"category","description":"","parent":0,"count":151,"filter":"raw","cat_ID":971,"category_count":151,"category_description":"","cat_name":"News + Tips","category_nicename":"news","category_parent":0}],"tag_info":[{"term_id":1468,"name":"buying a home","slug":"buying-a-home","term_group":0,"term_taxonomy_id":1468,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":1463,"name":"first time home buyer","slug":"first-time-home-buyer","term_group":0,"term_taxonomy_id":1463,"taxonomy":"post_tag","description":"","parent":0,"count":3,"filter":"raw"},{"term_id":378,"name":"james garbutt","slug":"james-garbutt","term_group":0,"term_taxonomy_id":378,"taxonomy":"post_tag","description":"","parent":0,"count":160,"filter":"raw"},{"term_id":626,"name":"real estate","slug":"real-estate","term_group":0,"term_taxonomy_id":626,"taxonomy":"post_tag","description":"","parent":0,"count":343,"filter":"raw"},{"term_id":643,"name":"realtor","slug":"realtor","term_group":0,"term_taxonomy_id":643,"taxonomy":"post_tag","description":"","parent":0,"count":334,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/56449"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=56449"}],"version-history":[{"count":1,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/56449\/revisions"}],"predecessor-version":[{"id":56450,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/56449\/revisions\/56450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media\/54736"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=56449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=56449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=56449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}