9 First time home buyer programs and incentives 🏡💰
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- Опубліковано 30 лип 2024
- Welcome to my channel, In today's video, we'll be talking about the 9 incentives that first-time home buyers have in Canada.
Buying your first home can be a daunting experience, especially when you consider the high prices of real estate in some of Canada's major cities. However, there are a number of incentives available to first-time home buyers that can help make the process more affordable.
Time stamps
00:00 - Intro
01:01 - The 5% Downpayment
03:15 - New to Canada program
07:38 - First time home buyer incentive
11:09 - Purchase + Improvement
13:55 - Land Transfer Tax Rebate
14:54 - Home buyers plan
17:53 - FHSA (First home savings account)
19:38 - Home Buyers Tax Credit
20:02 - GST/HST New Housing Rebate
20:34 - Final thoughts and closing.
I am a licensed mortgage agent M21004312 working with Dominion lending centres, Valko Financial FSRA13047. I work with over 60 lenders including the top banks to provide an array of mortgage products that are suited to your needs. I can help you with your housing needs across all provinces in Canada (except Quebec).
I help First time home buyers & investors make smart realestate decisions based on numbers and not emotion. Want to book a call 👇 (It's free 🥳)
www.growwithnav.com/book-a-call
Important links:
1. The 5% down: www.canada.ca/en/financial-co...
2. New to Canada: www.sagen.ca/ups/product-spec...
3. First time home buyer Incentive: www.cmhc-schl.gc.ca/en/consum...
4. Purchase + improvement: dominionlending.ca/mortgage-t...
5. Land transfer tax rebate: globalnews.ca/news/3065836/on...
6. Home buyers plan: www.canada.ca/en/revenue-agen...
7. FHSA: www.canada.ca/en/revenue-agen...
8. Home buyers tax credit: www.canada.ca/en/revenue-agen...
9. GST/HST new housing rebate: www.canada.ca/en/revenue-agen...
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MORE ABOUT ME 👇
My mission is to provide you with actionable content that enables you to build your wealthand live up to your potential. I came to Canada with my wife (Simran), during the pandemic in 2020, started with very little money, no job - to today, where I recently quit my job after building my side hustle to a cool 6-figures in revenue. I have met so many amazing people and mentors along the way, and I want to bring everything that I have learnt and continue to learn to you via this channel.
Subscribe if you are interested in:
#firsttimehomebuyer
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
FHSA is such a smart choice for anyone looking to build wealth through real estate. I've been fortunate to leverage these accounts to grow my savings and invest in my dream home. It's all about strategic financial planning and taking advantage of the right opportunities.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing!
Thank you for sharing 🚀
Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (REGINA LOUISE COLLARO) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy...So I’ll advise you do get a good Investment advisor for yourself😊
Regina Louise Collaro is located in the United States but offers her services to clients worldwide. If you're interested in connecting with her, you can easily find her contact information through an online search
personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does....
Thanks Alexedmartin.I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me
Dude , great info! Appreciate all the hardwork that goes into your video, just confirms all my research , cheers !
Good one !! Very informative 👏🏽👌🏽
Lovely video Navjot! Great knowledge sharing video! Thank you so much!
👏👏👏
Loved it!, thank you for this
Very helpful video..thank you so much for this video 🙏
Valuable information collated in single video...good work Navjot👏 thank you
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Thorough work, Navjot!
this video is great, thank you.
Love how you distill complex information and make simple to digest and understand. Great content!
Great content.. thanks for sharing 😊
Thank you 😊
Magical information, you are providing Nav! Thank you!
Super awesome video 🙂
Thank you 😊
Good information
❤❤❤ You are Amazing !!! ❤❤❤
Thank you 😊
Hi Nav, extremely informative video as always!! Looking forward to the US Home buying series , Thank you.
👍👍
Im thinking about buying a house by myself so the household income isn’t as great as a two income household. I have the savings and I can make the payments by myself but the x4.5 thing for FTHBI make my max amount for property value too low. Can I then not use the 5% by government and use my own money. Would that give me any cap for how much the house can cost?
There seems to be missing information on the 8/9. The tax credit of 10k is actually not applied in full. The current ratio for quebec is something around 15%. So when I buy I can apply for 10k tax credit but the actual return is 15% of it assuming I am paying at least 10k in taxes.
Thanks for sharing all valuable information with us. Appreciate it!
👏👏👏
Hey Nav, I'm a dual-citizen with Australia/Canada, but I haven't lived in Canada in 10 years so likely have zero credit. I'm moving back to Canada with my partner in June 2023 and we're looking to buy a house. We have already purchased a home in Australia and have already paid off 50% of it. Do you know if we would still be eligible for a first-home buyers program in Canada since we haven't purchased a home in Canada, or would they still recognise foreign property?
Great video and thank you!
Good to know
Hi thanks for your video. Do you have any videos about a mortgage for newcomers, first time buyers ?
Yes… please check the channel for the process video
I have 13 years of exp as immigration consultant 1 years India and 12 years Dubai. Now i am in Canada. I saw many wants to be a realtor or mortgage agent now days here. I want to decide should i gor RCIC or Mortgage Thanx in advance. By the way i watch potato talkies since you post your video collecting your passport from vfs in India
Depends on your interest and strengths…
YOU TEACHING US LIKE A TEACHER. VERY NICE THANKYOU. BUT PLEASE IN HINDI OR PUNJABI TOO
Please learn English if you managed to land in canada!!
🔥🔥
If I buy an investment property as my first property can I use rrsp funds ?
What if you buy for yourself but plans change legitimately and you have to rent it and move else where? I'm worried about buying a place now as I may not be here in 2 years but I also might and I dont want to wait to buy a house.
I am trying to use FHSA however in bit confused because I have signed contract with builder in 2023 and closing date is next year after April 2024.and i am not sure whether i can withdraw amount while my closing. Because online information is bit confusing
Hi , I already accepted offer for home, can i still open FHSA? Closing is next month
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I sold my house on 27 Oct 2023 in Saskatchewan and Planing to buy a house in February 2024 for my family to live in.
Can I still take out $35000 from my RRSP…??
Should you withdraw from RRSP ,even if you have enough for the downpayment?As the values in RRSP is increasing due to compounding
Thanks for the informative video !!
Can you also please shed some light on assumable mortagage, what are the pros and cons?
No cons.. you just take on the previous owner’s mortgage as is.. comes with whatever terms they have with their banks.
Hi Navjot, I am bit confused..in some videos you mentioned that RRSP is not where you invest personally but here you mentioned it as no brainer nd must go plan. Kindly throw some light. Thanks
It’s not a good investment vehicle - not as good as TFSA, however you should put the money into it if you are yet to buy a house. Do check my TFSA vs RRSP video where I talk about this exception :)
Hey navjot just love your work, i wanted to ask whether its possible to book an in person appointment with you as i am visiting canada this year ?
Hey, I wish I had the bandwidth to do it right now… so make it to the events we do in Toronto :)
Great video! I have a question, if I have a household income of 150k+ but deposits to my personal and spousal RRSPs make it less than 150k in total am I eligible for the first time home buyer incentive plan?
Im thinking about buying a house by myself so the household income isn’t as great as a two income household. I have the savings and I can make the payments by myself but the x4.5 thing for FTHBI make my max amount for property value too low. Can I then not use the 5% by government and use my own money. Would that give me any cap for how much the house can cost?
No, you cant. The home value has to be 4.5x your gross income :/
Hi Nav, thanks for the fantastic video... can we combine the Home buyers plan and the First home savings account. Can I withdraw 35k from Homebuyers plan and 40k from FSHA for my first home?
Hi Nav … great video! New subscriber. Would I qualify for first home buyer incentives in Ontario, if I owned a home 9 years ago? Are there exceptions to years without home ownership?
Thanks for your time!
Thank you 👍
Yes, you will qualify. The exception is 4 years.
Hey Nav, do you drive for Uber on the side? I feel like I've had a conversation with you IRL...
I don’t :) maybe some event… I attend a lot of those 😀
Sir how do we connect u as i want sum finanacial advises, will be in canada in another few months..thanku
Does NRST still apply for ontario home buyers on work visa?
Yes
Great video.
For union workers in the trade that work for multiple companies in a year with short durations; like 2 months here, 1 month there, and lai offs in between; how the three month full time work?
Thank you!
Mostly qualify in the alt space with 20% downpayment
Hi Navjot, thanks for this amazing video. I just bought an apartment worth 300k with closing date of 15-Jan-24. I migrated to canada last year. I do not have HBP / RRSP / FHSA yet. I am a little confused. Can I open both RRSP and FHSA today and add money (my & wife's RRSP contri = $3000 each and FHSA = $8000 each, so $11k each for me & wife) and then withdraw HBP (through RRSP contribution) + FHSA money on 31-Jan? WIll I get $11k tax deduction on my & wife's salary and any capital gains at 0 tax? Thanks a lot for your help.
Yes you will. But I don’t know your full situation - so you should talk to your mortgage advisor and accountant.
@@growwithnav I checked about HBP withdrawal. I need to keep money in RRSP for 3 months before withdrawal, but I have my mortgage closing in 19 days, so HBP option is gone.
In another FHSA video, you mentioned its a good idea to open FHSA, put money, and withdraw money after 1-2 weeks. So I suppose its not a bad idea to open FHSA account today, transfer money today (28-Dec), dont invest, and withdraw all money on 10-Jan. and close FHSA account in Feb?
Any idea if the 8000 contribution limit is per calendar year? E.g. I contribute 8000 on 28-Dec and then again 8000 on 2-Jan. And withdraw 16000 on 10-Jan?
CRASH IS INEVITABLE. 70% down
Hi Nav, great video as usual. I live on rent in Canada and have a home (joint property with my sibling) in my name back in India. Will I still be eligible for FHSA account and all the first time home buyer benefits in Canada?
Not land transfer rebate
But everything else yes
@@growwithnav I actually called CRA and even they were not sure whether I am eligible for FHSA or not (given my situation). It would be great if you could confirm the same from a lawyer (I don't know any lawyer that's why requesting you for the same ).
Very informative bro, I am moving to Alberta soon from Pakistan. Me n my wife are looking to buy a house. Is there a way we can meet you or contact you?
Hey, link to book a call in the description
It is a lie. It has to be less than 600K, and no home has that price in Ontario.