Here at OMJ Mortgage, our experts will work with you to customize the best mortgage loan solution that includes the lowest mortgage rate. It doesn't matter if you're buying your first home, refinancing an existing property, consolidating debts or if you just need money for any other purpose. We want to help.

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First Time home buyers

Buying your first home means there are many decisions to make and questions to be answered. It’s a great adventure and these are exciting times to get started. Programs have been established for first time home buyers to benefit from, such as: RRSP Home Buyer’s Plan & Land Transfer Tax Rebate. There are many things you need to know so we’ve put together a few tips you’ll find helpful.

 

  1. The Home Buyers Plan (HBP) has some excellent advantages for you. As a first time home buyer you can use up to $25,000 from your Registered Retirement Savings Plan (RRPS) for a down-payment tax free. The amount  withdrawn under the HBP is repayable within 15 years from the date you take the money out. You can also use any accumulated savings you have towards your down-payment.  
  2. Land Transfer Tax: 

A) Please refer to: http://www.rev.gov.on.ca/en/refund/newhome/index.html.

B) First Time Home Buyer in Ontario may receive a refund from the provincial government up to a maximum of $2,000. In addition to the Ontario Land Transfer Tax, effective February 1, 2008 the City of Toronto introduced the Toronto Land Transfer Tax. As a first time home buyer you may be eligible to a rebate if the property is in the City of Toronto. As a qualified first time buyer (and this applies to both builder and resale deals) such buyer is entitled to a rebate of up to a maximum amount of $3,725.00.

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