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There are several requirements that first-time homebuyers in Ontario must meet in order to be eligible for certain benefits and incentives. Here are some of the key requirements for first-time homebuyers in Ontario:
To be eligible for the land transfer tax rebate in Ontario, you must be a Canadian citizen or permanent resident, at least 18 years old, have never owned a home anywhere in the world, and intend to occupy the home as your principal residence within 9 months of the date of the transfer.
To be eligible for the First-Time Homebuyer Tax Credit in Ontario, you must be a Canadian resident, at least 18 years old, and have purchased a qualifying home.
To be eligible for the Homebuyer’s Plan in Ontario, you must be a first-time homebuyer, or you must not have owned a home in the previous 4 years. You must also have a written agreement to buy or build a qualifying home, and the home must be your principal residence within one year of buying or building it.
To be eligible for the GST/HST New Housing Rebate in Ontario, you must have purchased a new home or have made substantial renovations to an existing home. You must also have paid the GST/HST on the purchase or renovation.
To be eligible for the First-Time Home Buyer Incentive in Ontario, you must have a minimum down payment of 5% of the home’s purchase price, have a maximum qualifying income of $120,000, and be a Canadian citizen, permanent resident, or non-permanent resident legally authorized to work in Canada.
It's important to speak with a qualified mortgage professional or financial advisor to learn more about these requirements and determine which ones may apply to your individual financial situation by contacting us today!
Welcome to Castle Mortgages, our full-service mortgage brokerage firm specializing in providing mortgage solutions for self-employed individuals across Ontario. At our firm, we understand that being self-employed comes with unique financial challenges, and we’re here to help you overcome them.