OMJ Mortgage Capital is the Mortgage Broker in Toronto that wants to help you get the best mortgage rates. We know a home is the biggest investment most people will make in their lifetime. That’s why we use our expertise to help you with your specific financial needs.
We like to supply information you can use too. Here’s a few government programs homebuyers should know about.
The First-Time Home Buyers’ Tax Credit
You may be eligible to receive a income tax credit on closing costs of up to 15 percent. There is a maximum of $5,000 on costs relating to your home’s purchase. Still, these can help with legal fees, land transfer tax and some other closing costs you’ll incur.
Heritage Property Tax Rebate Program
This tax relief program has been on the books since 2001. It allows municipalities to give tax relief through by-laws to people who own heritage properties. You’ll need to check on the eligibility of your specific property since each municipality creates their own rules. However, the province has provided some guidelines. For example, there needs to be an existing heritage conservation agreement for the property. In Toronto, call the Heritage Prevention Services at 416.392.1975 to learn more.
The HST New Housing Rebate Details from Your Mortgage Broker Toronto
If you buy a newly constructed home, this rebate may be for you. As the name suggests, you can recover a portion of the HST you pay on the purchase price. You are also eligible if the home you buy is destroyed in a fire and later rebuilt. Adding on a major home addition is another way to qualify for this rebate.
Of course, resale homes are exempt from HST charges. OMJ Mortgage Capital is here to help you. We’re the Mortgage Broker in Toronto with a proven track record.
