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
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.
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.
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.
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.
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?
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
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!
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!
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!
@@bearpawzz Hey glad the channel helps Mark! So I like UA-cam as you could imagine lol. I'll link to a couple channels that cover more of the news that I tune into often. 👍 ua-cam.com/users/NolanMatthiasfeatured ua-cam.com/users/MattMcKeeverfeatured
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?
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
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
Yes I’m so excited meet my Realtor next week nobody playing independent! Ion need no help im good !
Can't Believe I just Subscribed.
Pfff lol. Finally Ayo! hahah
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.
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.
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.
Very informative. Thanks
Glad it helped Tenzin!
The income threshold changed to $150,000 now.
Thank you!
@@CallumMoorekw I was reading up on it, after I watched your other video.
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.
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.
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.
When you say you still haven't contributed to you RRSP's, do you mean this year?
@@CallumMoorekw yes sir, I'm new to Canada and I have no idea regarding this.
I’m looking to buy but not in your area. Do you have someone associated with you in the Windsor Chatham area?
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
Can the RRSP Home Buyers Plan be combined with the First-Time Home Buyer Incentive Plan?
Yes. Tax rebate as well as you will have the land transfer rebate.
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?
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
@@CallumMoorekw Yeah I read that, it says if they 'previously' owned a home, not currently. However they do _currently_ own a home...
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?
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!
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!
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!
@@bearpawzz Hey glad the channel helps Mark! So I like UA-cam as you could imagine lol. I'll link to a couple channels that cover more of the news that I tune into often. 👍 ua-cam.com/users/NolanMatthiasfeatured ua-cam.com/users/MattMcKeeverfeatured
@@CallumMoorekw Thanks Callum! I'll check these out.
My bad @Jeff C.S., didn't mean to post on your thread.
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?
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
Thank you. I appreciate you getting back to me in such a timely and informative manner.
No problem! @@Vantablackhumor
Is the $120000 a before tax or an after tax limit?