RESIDENTIAL MORTGAGE RATES EFFECTIVE: September 17, 2009
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Prime Rate = 2.25% |
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A Review of First-time Buyer Programs 1) Property Transfer Tax Relief Program Tax charged when clients purchase a home. The tax is 1% of the 1st $200K and 2% on the balance. If you’re a first-time buyer you may be exempt from the tax if you meet certain conditions. Visit, http://www.gibbardhoffart.com/default.aspx?PageID=1048
2) Homebuyer’s Plan (using RRSP’s as a down payment) If you qualify for the program, you will be able to withdraw the money from your RSP (up to $25K each now) without the normal witholding tax and pay back the RSPs within 15 years. Visit: http://www.gibbardhoffart.com/default.aspx?PageID=1024
3) New Buyer’s Tax Credit up to $750 Tax credit up to $750 to assist first-time buyers in purchasing a prime residence. The credit is calculated on your personal income taxes and is to assist with the various closing costs involved in purchasing a home. Visit: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
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