Buying Your First Home Quebec

Quebec first time home buyer education centre for more information on calculating cmhc insurance land transfer tax and closing costs in ontario and for more information on basic mortgage terms such as ammortization and down payment please visit our first time home buyer education centre if you are already close to buying a home go to myclosingcosts ca to find ontario home inspectors and.

Buying your first home quebec. Under the program the government will contribute 5 or 10 of the home s price towards your downpayment in exchange for the same amount of equity in your home. What newcomers need to know. First time home buyers tax credit hbtc the federal government offers a tax credit for the purchase of a first home. The government of canada offers a first time home buyer shared equity incentive program that shares part of the ownership and costs of buying your home with the government. Condominiums or condos are shared properties that contain individual housing units.

The amount for a qualifying home is 5 000 and the credit is applicable to single family homes townhouses semi detached houses mobile homes condos and apartments in a duplex triplex quadruplex or building. Each unit has its own owner. Owners share the common areas outside of the unit such as the lobby and parking lot. The hbp allows each taxpayer to withdraw up to 35 000 tax free from their registered retirement savings plan rrsp to purchase a home. The individual or the individual s spouse where the individual intends to inhabit the home as a principal place of residence not later than one year after the particular time and it is the individual s first housing unit.