Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Thursday, January 25, 2024

⚖️ 25th Jan 2024 - ‘I Didn’t Have That Kind Of Money’: Know Your Legal Rights On Rent Increases

๐Ÿ’ฅ Thursday 25th January 2024 ๐Ÿ’ฅ
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There were various financing options and incentives available for new homebuyers in Toronto. However, it's crucial to note that programs and incentives can change, and new ones may have been introduced since then. Here are some general financing options and incentives that were available:

  1. First-Time Home Buyer Incentive (FTHBI):

    • The FTHBI is a federal program that helps first-time homebuyers by providing an interest-free loan to contribute to their down payment. The loan is repayable when the property is sold.

  2. Home Buyer's Plan (HBP):

    • The HBP is a federal program that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to use towards the purchase of a home.

  3. Land Transfer Tax Rebate:

    • Ontario offers a land transfer tax rebate for first-time homebuyers. The rebate can be applied towards the land transfer tax payable on the purchase of a home.

  4. Municipal Programs:

    • Some municipalities in the Greater Toronto Area may offer additional incentives or rebates for first-time homebuyers. These can include programs related to down payment assistance or property tax relief.

  5. Low-Interest Mortgages:

    • Some financial institutions and mortgage lenders may offer special mortgage products with lower interest rates or favorable terms for first-time homebuyers.

  6. Builder Incentives:

    • Homebuilders in the region may offer incentives to attract new buyers, such as promotional pricing, upgrades, or deposit assistance.

  7. Energy-Efficient Programs:

    • Certain energy-efficient home features may qualify for incentives or rebates. These could include energy-efficient appliances, windows, or heating systems.

  8. Ontario Home Ownership Savings Plan (OHOSP):

    • The OHOSP is an incentive program that encourages saving for the down payment on a first home by providing a tax benefit for contributions made to a designated savings account.

It's essential to check with relevant authorities, such as the Canada Mortgage and Housing Corporation (CMHC), provincial government, and municipal government, for the most up-to-date information on available programs and incentives. Additionally, consulting with a mortgage broker or financial advisor can help you explore the financing options that best suit your individual circumstances.

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