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Benefits

There are many benefits for first time home buyers so I will break them down for you in bullet point form. These benefits are always changing so ensure you review them with your lawyer / notary. We recommend Tony Spagnuolo’s team!

RRSP's: - You can use up to $25,000 (per person on title) from your RRSP’s without having to pay tax on the withdrawal - These can be used to buy or build your first home - If do not repay, funds added as income - Must be first time home buyer and resident of Canada - All withdrawals must be made within the same calendar year - When withdrawing the funds, triple check that your adviser knows what you are using the funds for, otherwise you could face huge penalties

Property Tax Transfer Savings: - If you make a purchase below $475,000 (good luck in Vancouver), you are exempt from paying property transfer tax - There is a sliding scale of discounts between $475,000 and $500,000 - No exemption over $500,000 - You can never have owned a principal residence, anywhere, anytime - Must be a Canadian citizen or permanent resident - Must have lived in BC for last 12 months, or filed income tax return for 2 of past 6 years in BC - Must move in within 92 days and reside in the property for one year - If there are two buyers and only one is a first home buyer, you can put just one on title or if you put both on title, so there are still savings

First Time Homes Buyer's Tax Credit: - Up to $750 cash when you "write off" $5,000 (maximum) of your first home purchase expenses - This is not connected to the Home Buyers' Plan - Either party can claim, if a spouse is involved - Can even claim if you buy with a friend - Special rules if you buy for a person with a disability – you do not need to be a first time home buyer

Other Programs (but for all buyers) - GST rebates for principal residence on new purchases - LiveSmart BC: Efficiency Incentive Program - BC Hydro Appliance Rebates - BC Hydro Fridge Buy Back program - BC Hydro Mail-In Rebates - Terasen Gas Rebate Program - Home Owner's Grant (property taxes)