Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Canada Taxes

I am looking to see if first time homebuyers get some sort of tax break.?


I am looking to see if first time homebuyers get some sort of tax break.?

I think you are in Canada. If that's the case, IRS.com will be of no use.

If you have a Registered Retirement Savings Plan (RRSP) you can withdraw money from it up to $20,000 (if you have a spouse, he/she can withdraw the same amount) without any withholding tax being applied to the withdrawal. You have to meet the definition of a first time homebuyer however. Then, you pay back your RRSP 1/15th of the borrowed amount each year until it is paid back.

For more information see the source below.

In addition, I believe you can apply to be exempt from land transfer tax as a first time homebuyer if the house or condo is new. Source(s): Homebuyers' Plan - Canada Revenue Agency
http://www.cra-arc.gc.ca/tax/individuals...
go to irs.com
Tags
Singapore Taxes Mexico Taxes Ireland Taxes India Taxes Germany Taxes Canada Taxes Australia Taxes Small Business Renting & Real Estate
Related information
  • How long do you have to live in your first house to claim it as a principal residence when it is re-sold?
  • Are canadian companies overtaxed compared to other countries?
  • On my T4 what numbers do i add (or subtract) to get the amount the gov. owes me??
  • How much centimeters are there in a kilometers?
  • How do I calculate my tax refund?
  • Any idea of what portion of the German pension is taxable in Canada?
  • Bookkeeping samples?
  • How much income tax will the government take off?
    • 　

    Finance Categories--Copyright/IP Policy--Contact Webmaster