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First Time Home Buyers info


First Time Home Buying is very challenging here in Canada although it is most worthy to build your own equity by owning a home. There are few certain circumstances that we need to meet towards first time home buying. I would be happy to share some signifacant tips for first time home buyers. 1. Be prepared to buy home with a stable job and good credit history. 2. Determine that how much mortgage you can get and affoard. Get approval from Financial Institute. 3. Determine your needs as per your budget i.e. size of house, number of bedrooms and desired location. 4. Be financially prepared for minimum 5% downpayment, other cost and emergency fund after buying. 5. Find a freindly and trusted realtor® and start viewing your dream home. Choose the realtor one who can provide you his professional guedance to protect your interest and maximize your satisfaction from starting to the end. 6. Complete all real estate transaction and be the owner of your dream home. What is the Home Buyers' Plan (HBP)? The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. Services and information How to participate in the Home Buyers' Plan (HBP) What are the HBP eligibility and RRSP withdrawal conditions? How to withdraw funds from RRSP(s) under the Home Buyers' Plan (HBP) Follow the steps to withdraw funds from your RRSPs How to repay the funds withdrawn from RRSP(s) under the Home Buyers' Plan (HBP) When and how much to repay, how to make a repayment and exceptions to repayment dates How to cancel participation in the Home Buyers' Plan (HBP) Situations when you can cancel your participation, how to cancel and due dates How to report repayments on your income tax and benefit return Find out which form to fill out and file with your income tax and benefit return How to view your Home Buyers' Plan (HBP) account balance – Use MyCRA mobile application or go online to My Account Use one of our online services for direct access to your Home Buyers' Plan account balance source:http://www.cra-arc.gc.ca/hbp/

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