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Programs for First Time Parry Sound Home Buyers

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Blog by John & Bonnie Fincham, Brokers | April 5th, 2014

If you are looking to buy a home in the Parry Sound Region and are a first time Buyer there is a program offered to qualified individuals from time to time to help with your down payment. It offers $5000 toward the down payment but the program is funded annually so once the fund is used up you need to wait until the following year. Contact your local lender to get more information and to see if you and the home you want are eligible. The program covers your principle residence only so obviously cottages purchases would not qualify. Two other programs for first time home Buyers that are offered by the federal Government are;

The First-Time Home Buyers Tax Credit offers eligible individuals a $5,000 non-refundable income tax credit on a qualifying home. For more information see www.actionplan.gc.ca

The Home Buyers’ Plan lets first-time homebuyers withdraw up to $25,000 tax free from their RRSP’s. It also gives you up to 15 years to pay it back, so it’s an excellent opportunity to leverage money you have already saved. Check out   www.servicecanada.gc.ca