You may have heard of the incentive programs that the federal government has created to try to entice first time home buyers into the real estate market, but how much do you really understand? Is this something for you?
The government of Canada has a couple of programs that are designed to get first time buyers on the property ladder. Read on to see if they are right for you.
1) The Home Buyers' Plan (HBP). This is a program that allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period. So what are the rules?
- Permits two first-time buyers in the same