Don’t get me wrong; there are many benefits to being a homeowner in general. The tax write-off itself is an enticing reason to buy a home. If you’re buying property for the first time, however, you can enjoy a few funding and tax benefits that people who have owned a home before don’t get to have. One of my biggest priorities as a Brantford, ON real estate expert is to make sure that I educate my clients about all of the aspects of buying a home. Sometimes, this means delivering bad news, however I actually enjoy telling my clients about these financial benefits. Oftentimes, it makes a large difference to my clients and makes them more confident in their decision to invest in a Brantford, ON home.
I thought I’d take some time to explain these two first-time home buyer benefits in more depth. Hopefully, this provides some clarity on the issue and demonstrates some of the many reasons that you should buy a home in Brantford, ON.
The first benefit that you can receive as a first-time home buyer is the First-time Home Buyers’ Tax Credit. If you qualify for this tax credit, you can claim $750.00 against your personal income tax in the year that you acquire the home. In order to qualify for the credit, neither you nor your spouse or common-law partner can have owned a home four years prior to acquiring the property. You must also be purchasing the home for your own personal occupancy, not as a gift for somebody else. Only one party can claim this tax for the total $750 maximum credit. You can split the claim between two parties, but you would then split the credit between the two of you. The majority of Brantford, ON first-time home buyers qualify for this tax credit, and it’s only one of the many benefits you can get from buying a home in Brantford, ON.
The second benefit that you can receive as a first-time home buyer is the RRSP Home Buyers’ Plan. This is essentially a plan that allows you, as a buyer, to withdraw a maximum of $25,000 from your RRSP in order to buy a qualifying home in which you will live. If you have a spouse or common-law partner, they, too can withdraw up to $25,000 from their RRSP to go towards the purchase of the same property. To qualify for this funding, you or your spouse or common-law partner can not have owned a home four years prior to acquiring the property, and you must also occupy the home within one year of withdrawing the money. This is a fantastic financing option for Brantford, ON first-time home buyers who might need some extra money in order to afford their first home. You can pay off this money over a fifteen-year period, as well.
These two incentives provide many first-time home buyers in the Brantford, ON area with the resources and convincing that they need to take the plunge and invest in a house. As a Brantford, ON real estate agent, I feel that it is important to make my clients aware of these benefits. It’s a major factor that any potential buyer should consider when deciding whether or not to begin their home search.
If you have any questions about these two home buyer benefits, or if you want to begin your Brantford, ON home search, then don’t hesitate to contact me! Your real estate needs are my first priority, and I’d be happy to help you in any way that I can. I hope to hear from you soon!
Wally Dufrat | Sales Representative
RE/MAX Twin City Realty, Inc. Brokerage
515 Park Road North | Brantford, ON N3R 7K8 Direct: (519) 752-5400 & (877) 759-5900 | Cell: (519) 761-7400 | Fax: 519-752-3400
Before You Buy or Sell Your Next Home, Visit My Websites at:
www.BrantofordHomeInfo.com or www.FreeBrantfordHomeInfo.com for FREE Information!
RE/MAX Twin City Realty, Inc. Brokerage
515 Park Road North | Brantford, ON N3R 7K8 Direct: (519) 752-5400 & (877) 759-5900 | Cell: (519) 761-7400 | Fax: 519-752-3400
Before You Buy or Sell Your Next Home, Visit My Websites at:
www.BrantofordHomeInfo.com or www.FreeBrantfordHomeInfo.com for FREE Information!
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