Nancy Donen Macdonald Realty Ltd.

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Home Buyer's Plan:

Did you know that qualified home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment.  Home buyers who have repaid their RRSPs may be eligible to use the program a second time.

 

First-time Home Buyer's Tax Credit:

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or housing corporation shares.  The calculation: multiple the lowest personal income tax rate for the year (15% in 2012) x $5,000.  For the 2013 tax year, the maximum credit is $750.

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