HomeListingsProfileTestimonialsNeighbourhoodsWatcher™BlogContact
Joseph Giovinazzo
Sales Representative

Office: (905) 575-9262
Cell: (905) 516-9092

Subscribe to Blog:
Enter your Email Address

View Latest Entries

Search Entries:
Latest Entries:

How to evict mould from your home
Easy ways to improve your indoor air quality
Creating your home emergency kit
Tips for a great yard
Five mistakes to avoid when hiring a contractor
5-step home fire safety checklist
Things to consider when choosing a mortgage
Teach your kids about money now for better future finances
How to make your basement more livable
Are you missing out on these tax benefit payments?

View By Category:
Announcements (64)
Buy & Sell (5)
Children (1)
Community (2)
Crafts (1)
Economics (1)
Environment (1)
Events (3)
Finance (2)
Fitness (1)
Fun (2)
Gardening (6)
General (5)
Government (1)
Hamilton community (19)
Health (3)
Home & Decor (28)
Home Improvement (53)
Investing (1)
Real Estate (73)
Relationships (1)
Technology (1)

Tags:
tobacco  air quality  home  smoking  emergency kit  yard  landscape  grass  contractor  home improvement  home renos  renovation  fire safety  mortgage  choosing mortgage  events  Hamilton events  Dundurn Castle  RBG  children's museum  House hunting tips  Joseph Giovinazzo  real estate  hamilton  community  hamilton area  family  selling your home  homeseller  downsizing  buying  selling  real estate agent  Hamilton Ontario  Local Events  first impression  homebuyers  guests  Hamilton neighbourhoods  houses  house hunting  moving  buyers  Ontario  Heritage  Festival  patio  realestate  summer  garden  house  cottage  opening  maintenance  long distance move  driveway  asphalt  spring  sale  clean  roof  neighbours  relationship  respectful  down payment  mortgage insurance  household expenses  save money  electrical  home decor  trends  2016  online  budget  light  paint colour  winter  fun  insurance  policy  shoal safe  moving day  survey  RECO  elegance  organization  white  paint  pr-approval  Halloween  fall  home maintenance  estimate  needs vs. wants  reduce stress  solo  burglary  off-season  pool closing  autumn  electronic signatures  common law  rights  ceiling  update  rain barrel  harvesting  bug repellent  backyard  home reno  eco-friendly  green living  lease  rental property  realtor  closing date  buyer  energy  energy efficient  curb appeal  pets  chemicals  safety  outdoor living  deck  seating  offer rejected  conditions  for sale  ON  duct cleaning  clean air  home inspection  condition  deal  houseplants  air purifier  portable  interest rate  home buyers  tax credit  gardening  pruning  asbestos  removal  insulation  fibres  exposure  landlord  taxes  renter  ROI  flooring  bathrooms  kitchen  carpet  misconceptions  cleaning  allergies  sound barrier  basement remodel  laminate  hardwood  ceramic  vinyl  moisture  marsala  trendy  bold  open house  privacy  protection  safe  home improvements  CFLs  LEDs  smoke detector  insurance rates  sump pump  eavestrough  foundation  spring sale  preparations  accidents  non-slip  locks  fireplace  downsize  stressful  seniors  retirement  furnace filter  energy conservation  ducts  garage  makeover  epoxy  concrete  tiles  watering  tips  seller  downpayment  gutters  eaves troughs  leaves  debris  purging  donation centres  Salvation Army  Goodwill  dream home  baby boomers  Generation X  fitness studio  swimming pool  waterfront  Harbour Queen  Bayfront Park  Pier 4  painting  palette  calming  invigorating  agreement  contract  chattels  offer  closet  clutter  storage  sellers  odours  smoke  home inspector  heating  plumbing  spring cleaning  planting  crafts  Easter  first-timebuyers  master bedroom  homeowners  decorate  oasis  retreat  organize  homes  EnergyStar  sustainability  staging  declutter  agent  listing  showings  counter-offer  Hamilton Place  January  February  winter real estate  shovelling 











My Youtube Videos:

Benefits for first-time homebuyers

Friday, March 27, 2015 @ 2:39 PM
Posted By: Joseph Giovinazzo

In Ontario there are innumerable incentives for first-time homebuyers!  Buying your first home is one of the largest investments of your life, and Ontario offers countless ways to aid and encourage first-time buyers. Canada's Economic Action Plan introduced the First-Time Home Buyers' (FTHB) Tax Credit and the expansion of the Home Buyers' Plan to provide you with additional benefits and help you realize your dream of homeownership.

The RRSP Home Buyers' Plan now allows first-time homebuyers to withdraw up to $25,000 from their Registered Retirement Savings Plans (RRSPs) for a home purchase, tax-free! With 15 years to repay it, many first-time home buyers take advantage of this opportunity and set up RRSP accounts well in advance, with the intention to reap the rewards when it is time to purchase a house. 

The Land Transfer Tax Credit is a refund of the cost of Ontario's land transfer tax up to a maximum of $2,000. This will allow first time homebuyers to purchase a home up to $227,500 without having to pay a land transfer fee. The refund can be given instantly at the lawyers office but advise the lawyer prior to the closing date if you qualify for the rebate.

If you want to call Toronto home, first-time homebuyers of a newly constructed or re-sale residential property qualify for the Toronto Land Transfer Tax Rebate. The maximum allowable rebate is $3,725, allowing first timers to purchase a home valued as high as $400,000 without having to pay a Toronto land transfer tax! 

Although the good ol' days of a no-money down mortgage (0% down payment) are no longer directly available through CMHC, 5% down payment mortgages with a 5% cash back component are. CMHC also permits down payments to come from borrowed sources such as Visa, Line of Credit or family. Used in conjunction, a homebuyer can borrow their down payment and obtain a 5% cash back mortgage allowing them to pay off the borrowed money once the home closes.

Buying one's first home is, after all, completely overwhelming and likely the largest purchase a person will ever make. There are countless websites to help buyers do their initial homework and understand these incentives. Then there are the experts. Remember Canada wants you to own a home and has created these measures to support you in your first go-around!

Category: Real Estate

(0) Comments    [Add a Comment]


Return to Blog
MCS Login |  Privacy Policy
Copyright © 2024 MCS Real Estate Systems Inc. All Rights Reserved
Terms and Conditions REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.

This website is operated by a brokerage or salesperson who is a member of The Canadian Real Estate Association.

The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, "screen scraping", "database scraping", and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.