In the competitive market we face today, purchasing a home can be a daunting task. There are a few things to be aware of that can help make it a little less daunting. The First Time Home Buyers Plan and some new advantages that were recently introduced by the Provincial Government help soften the blow.
To help make this overwhelming transaction a little less arduous, the federal government allows first time home buyers to withdraw $25,000 from their hard earned RRSPs, tax free. These funds do need to repaid back into the RRSP over a 15 year period or the portion due could become taxable. An eligible couple could potentially withdraw a total of $50,000 between the two of them towards the purchase of a First Time Home. For more information on HBP eligibility and repayment schedules click here.
Due to increased home prices in BC (specifically Lower Mainland), the Provincial Government has responded and provided a few additional advantages to those wishing to purchase a home for the first time. These additional advantages are: Read more