First Time Home Buyer Incentives & Rebates In Ontario, Canada 2023+!

  Рет қаралды 13,431

Callum Moore

Callum Moore

Күн бұрын

What are the first time home buyer rebates and incentives in Ontario, Canada? Your first time home buying experience in Ontario whether for yourself or for your clients can be stressful. In this video we’ll go over the 4 first time home buyer incentives & rebates here in Ontario. First the Provincial and Municipal Land Transfer Tax Rebates (basically all of Ontario and Toronto have their own). Second, the First-Time Home Buyer Incentive Plan (FTHBI). Third, the First-Time Home Buyers’ Tax Credit and forth the RRSP Home Buyer’s Plan (HBP). I really hope it helps and connect with us below! 👍
If you are looking to buy or have clients looking to buy or sell in Waterloo Region reach out! Also if you are looking to buy or sell ANYWHERE in Ontario reach out below and we'll find the right representation for you!
Call/Text - 226-808-1305
Email - callum.moore@exprealty.com - mtt.rooney@gmail.com
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We are looking to help clients and find referral partners all over Ontario, Canada. If you have a potential client interested in our area of Waterloo Region, reach out to us and let us provide a high level of client service. Make the connection for us, introduce us and 25% of all commissions are headed your way. And vise versa. We know we are not professionals in every area and would love to send referrals your way!
Thanks for watching and reach out above!
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🔵 About Me 🔵
Real Estate and Business are my passion but more than that just providing great client service. I started working with my partner in Real Estate late 2017 doing all of our lead generation, digital marketing, personal branding and follow up. I now have my Real Estate licence working with eXp Realty. Using everything I have learned over the past years, plus with an always learning mentality I can really help people in Real Estate. With this channel and the KZfaq community I'm hoping to meet some like minded people that I can hopefully connect with or maybe even do business with. 👍
If you have recently got your Real Estate Licence, started or thinking about getting it, reach out, let's grow! Email Me 👉 callummoorekw@gmail.com
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I am very grateful for all subscribers. Whether you're getting your Real Estate licence, Realtors, or just a friend or fan, thanks for watching! 😀
Timecodes
0:00 - First-Time Home Buyer Incentives & Rebates
1:16 - 1. Land Transfer Tax Rebate
3:51 - 2. First-Time Home Buyer Incentive Plan
6:54 - 3. First-Time Home Buyers Tax Credit
7:33 - 4. RRSP Home Buyers Plan
9:08 - Finding You Real Estate Representation Anywhere in Ontario
DISCLAIMER:
My videos are for educational purposes only and merely cite my own personal research. In order to make the best decision that suits your own needs, you must conduct your own research and seek professional advice.

Пікірлер: 37
@CallumMoorekw
@CallumMoorekw 7 ай бұрын
If you are looking to buy or have clients looking to buy or sell in Waterloo Region reach out! Also if you are looking to buy or sell ANYWHERE in Ontario reach out below and we'll find the right representation for you! Call/Text - 226-808-1305 Email - callum.moore@exprealty.com - mtt.rooney@gmail.com
@ThePhandey
@ThePhandey Жыл бұрын
Very informative. Thanks
@CallumMoorekw
@CallumMoorekw Жыл бұрын
Glad it helped Tenzin!
@FreshStart2023
@FreshStart2023 Жыл бұрын
Yes I’m so excited meet my Realtor next week nobody playing independent! Ion need no help im good !
@ayobamimac
@ayobamimac Жыл бұрын
Can't Believe I just Subscribed.
@CallumMoorekw
@CallumMoorekw Жыл бұрын
Pfff lol. Finally Ayo! hahah
@siddharthkgp1
@siddharthkgp1 Жыл бұрын
Is the $120000 a before tax or an after tax limit?
@zakiyaelmalika
@zakiyaelmalika Жыл бұрын
Thank you Callum Very descriptive. Can a first time homebuyer do a joint venture with a friend, and both parties still be able to use the first time home buyers incentives to purchase a personal residence together, or do they have to be married, common law? I know couples can use a combined amount ,which helps.
@CallumMoorekw
@CallumMoorekw Жыл бұрын
Hey Zakiya. I'm pretty sure this can be done yes. The lawyers would have to make sure everything is in writing and if one or both partners are eligible it should apply.
@R.B.90
@R.B.90 Жыл бұрын
I know it was just an example but imagine if there was a house in Toronto that actually sold for 650 000 lol. That's a shoe box if you're lucky.
@ivanckwan
@ivanckwan Жыл бұрын
For example i have 35,000 in HBP and 8000 in FHSA i can put 43,000 towards my first home and get tax refund on the 43 ,000?
@MinnieOnCam
@MinnieOnCam Жыл бұрын
The income threshold changed to $150,000 now.
@CallumMoorekw
@CallumMoorekw Жыл бұрын
Thank you!
@MinnieOnCam
@MinnieOnCam Жыл бұрын
@@CallumMoorekw I was reading up on it, after I watched your other video.
@Ferraritestdriver01
@Ferraritestdriver01 Жыл бұрын
Can the RRSP Home Buyers Plan be combined with the First-Time Home Buyer Incentive Plan?
@CallumMoorekw
@CallumMoorekw Жыл бұрын
Yes. Tax rebate as well as you will have the land transfer rebate.
@user-li1kj1ds7i
@user-li1kj1ds7i Жыл бұрын
I’m looking to buy but not in your area. Do you have someone associated with you in the Windsor Chatham area?
@CallumMoorekw
@CallumMoorekw Жыл бұрын
Hey Renee. Yes I can find someone for you. Email me here with your your criteria and we'll work it out! - callum.moore@expreatly.com
@vexedev
@vexedev Жыл бұрын
Why is the rule set for common law partner? I never owned a home before and I'm trying to use my FTHB in my RSP but my partner already has a home, why do I take penalty for that? Any way to work around that?
@CallumMoorekw
@CallumMoorekw Жыл бұрын
So you may still be eligible. It could be worth a call. From their website it does state with certain incentives even if you or your spouse or common-law partner has previously owned a home, you may still be considered a first-time home buyer. www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html
@vexedev
@vexedev Жыл бұрын
@@CallumMoorekw Yeah I read that, it says if they 'previously' owned a home, not currently. However they do _currently_ own a home...
@jenpellerin
@jenpellerin 4 ай бұрын
I am looking into buying as a first time home owner in northern Ontario, I am on ODSP with some savings wondering about any additional grants and or assistance with downpayment if any. All advice and or recommendations would be much appreciated.
@TrappedInTheMeatrix
@TrappedInTheMeatrix 2 ай бұрын
Haven't heard anything about grants but you could see if you qualify for a mortgage, and how much it would be and that would be considered 'exempt' under ODSP and is covered by ODSP "The ODSP Basic Needs allowance includes the cost of food, clothes and other necessary items. Shelter benefits include mortgage payments, rent, homeowner’s insurance, condo fees, and utility bills.". A 'gift' (like an inheritance) or loan from someone you know for the purpose of purchasing a principal residence (you must live in the residence and you must not own any other residence at the time) would be considered exempt as well. Hope that helps.
@jcsdesign
@jcsdesign Жыл бұрын
Are you missing the new home buyers rebate? My understanding is that if you buy a new home as your 1st home, you are entitled up to $24k as a rebate. Do you have any information on this? Thanks!
@CallumMoorekw
@CallumMoorekw Жыл бұрын
Hey Jeff. Are the are you referring to the New Housing Rebate? Basically the Harmonized Sales (HS) Rebate on all new construction purchases from a builder/developer? I researched into that but found it wasn't for first time home buyers? Has that changed? Is there a new one? Can you link to a resource you found by any chance if possible. Thanks!
@bearpawzz
@bearpawzz Жыл бұрын
Hey Callum, thank you for putting out all this great content! You inspired me to pursue Real Estate and on my way to finish the monster course 2. This is more if a generic question though, but do you have any recommendations on forums or newsletters that provide good insight on Ontario's market? I would love to be plugged in more as I go through this course. Thanks!
@CallumMoorekw
@CallumMoorekw Жыл бұрын
@@bearpawzz Hey glad the channel helps Mark! So I like KZfaq as you could imagine lol. I'll link to a couple channels that cover more of the news that I tune into often. 👍 kzfaq.infofeatured kzfaq.infofeatured
@bearpawzz
@bearpawzz Жыл бұрын
@@CallumMoorekw Thanks Callum! I'll check these out.
@bearpawzz
@bearpawzz Жыл бұрын
My bad @Jeff C.S., didn't mean to post on your thread.
@Vantablackhumor
@Vantablackhumor 7 ай бұрын
Hello, is the first time home buyers tax credit retroactive? If someone purchased their first home several years ago, in Toronto, maybe 10 to 12 years ago, and weren't aware of this tac credit or either the Ontario and Toronto rebates is it possible to still claim them? Or would that person just be out of luck?
@CallumMoorekw
@CallumMoorekw 7 ай бұрын
You possibly may be able to adjust it. I have heard of this before but I would want you to talk to your tax agent or possibly reach out to Ontario. ca. I'll link it below. The timing of it being so long ago could be the issue. - www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers
@Vantablackhumor
@Vantablackhumor 7 ай бұрын
Thank you. I appreciate you getting back to me in such a timely and informative manner.
@CallumMoorekw
@CallumMoorekw 7 ай бұрын
No problem! @@Vantablackhumor
@felixjasonsanchez2054
@felixjasonsanchez2054 23 күн бұрын
Good day, I still haven't contributed to my RRSP? Can I withdraw the maximum amount for down payment for my first home? Thank you.
@CallumMoorekw
@CallumMoorekw 23 күн бұрын
When you say you still haven't contributed to you RRSP's, do you mean this year?
@felixjasonsanchez2054
@felixjasonsanchez2054 23 күн бұрын
@@CallumMoorekw yes sir, I'm new to Canada and I have no idea regarding this.
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