First Time Home Buyers

[Mortgage Made Easy]

For all the first-time homebuyers on CP, what have you found to be the most difficult, perhaps unexpected part of the process?

Buying your first home can be exciting, scary and intimidating at the same time. Let's get through it together.

There are many programs in place to help buyers start on the right foot. We will work with you six months (or more) before and perpetually after to ensure that you are comfortably approved in a property that you can manage and afford.

The first step is to find out how much you can afford. Before it’s time to go looking for a home be sure to get a mortgage pre-approval. This will allow you to know your options, stay within budget and customize a solution that meets your needs (including secure a great rate). It will also establish the confidence that when you do find your home, you will have the financing in place.

Below is a list of great programs, rebates and tax credits available to help reduce some of the costs of buying your first home:

- Home Buyer Tax Credit (http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html)and HBTC (http://www.cra-arc.gc.ca/hbtc/)
- First Time Home Buyers Plan (HBP) (http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html) (up to $25,000)

If you have any questions about buying your first home, the HBTC and Home Buyers RRSP Plan, or would like to obtain a pre-approval, PM us, call us at 403-648-1541, email us (puckforum@cgymortgage.com) or submit an application online (http://cgymortgage.com/pages/Online+Mortgage+Application/134) today. We're here to help you.

#cmdGottaAsk

This thread is to provide info and for CP members to ask (#GottaAskFTHB) questions. We will update with more information shortly.

[Mortgage Made Easy]

NOTE * - RRSP redemption for buying a home is not restricted to a First Time Home Buyer. It is also available to someone who has not owned a home within the past 5 years... Read More (http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/cndtns/frst-eng.html)

CAUTION ** - If you live with someone that owns a home and are considered common law, married etc... you lose your ability to redeem RRSP's for a purchase of a home.

Example:

In 2010, Paul sold the home he had occupied as his principal place of residence for five years. He then moved into a rented apartment. In 2010, he met Jane and she moved in with him. Jane had been renting her own apartment, and had never owned a home.

Jane and Paul were married in August 2013. They wanted to withdraw funds from their RRSPs to participate in the HBP in September 2013. Since Paul owned and occupied his home during the period beginning January 1 of the fourth year before the year he wants to make the withdrawal, he is not considered a first-time home buyer, so he cannot participate in the HBP in 2013.

**However, Jane is considered a first-time home buyer, since she never owned a home, and she did not live with Paul during the period in which he owned and occupied his home as his principal place of residence. She can participate in the HBP in 2013, providing all the other requirements are met.

If Jane does not participate in the HBP in either 2013 or 2014, Paul can participate in the HBP in 2015 as he will not have owned a home that he occupied as his principal place of residence since January 1, 2011. If they want to participate together in the HBP, they both have to wait until 2015 at which time they can withdraw funds under the HBP to buy or build a qualifying home.