Don't Forget These Tips!
Be aware that when you buy your house you will be eligible for a non-refundable tax credit based on an amount of $5,000. This means that when you file your income taxes, you will get a total tax credit of $750!! ($5,000 x Lowest Tax Bracket (15%)). Click HERE for more information.
Every time you buy a home, you will be subject to the Land Transfer Tax (LTT). The LTT can be quite substantial and even more so for those purchasing property in the Toronto Area. If you have never owned a home, the government provides a one-time tax relief though the Land Transfer Tax Rebate. The maximum amount of the refund is $2,000. Click HERE for more information.