Financial Perks of being a first time homeowner in Canada

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Financial Perks of being a first time homeowner in Canada

Irrespective of which part of the world you live in, being a homeowner is always daunting. This is owing to the fact that, prior to actually taking the plunge; there are a number of things which need to be taken into consideration. So, if you are still unsure about whether you should take the plunge, then given here are a few financial perks of being a first time homeowner in Canada.

  • First-Time Home Buyer’s Tax Credit

If you are a first time home buyer, then you are eligible for a tax credit.  Keep in mind that this credit is calculated based on the federal income tax rates.

  • Land Transfer Tax Refund

The Government of Ontario is well known for offering first time buyers rebates on land transfer tax. If you are unaware then, land transfer tax is a part of the closing cost involved in purchasing a property and it is based on the total amount paid for that land.

  • Energy-Efficient Housing Benefits

This last benefit is not merely extended to first time buyers but to anyone who buys a house. This implies that you can avail of a variety of benefits once you have made sure that you home is energy efficient.

These are just a few financial perks, which are extended to the first time buyer. So when becoming a homeowner, make sure that you avail of all of the above as they are bound to help you save big bucks. In fact there are many people who decide to take the plunge because then they can avail of all these benefits. Being a homeowner is a big deal, but when you get to enjoy benefits like this in Canada, then things no longer become so scary and daunting.

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