First time home buyers :: Get a break on Closing Costs and Land Transfer Taxes

Recognizing that the Canadian housing industry is a significant contributor to our economy and its growth and stability, the Canadian Government has now sweetened the deal to stimulate the housing industry and help Canadians with the costs of purchasing a home.

There are now 2 ways you can get a break on your closing costs and land transfer taxes.

1. CLOSING COSTS

The federal budget tabled in the House of Commons, by the Honourable Jim Flaherty, Minister of Finance on January 27, 2009 entitled “Canada’s Economic Action Plan – Budget 2009” now contains a $750 tax credit to offset closing costs. The tax relief will be extended to those first time buyers who acquired a home after January 27, 2009.

You may view a copy of Budget 2009 at the following link:

http://www.budget.gc.ca/2009/pdf/budget-planbugetaire-eng.pdf

2. LAND TRANSFER TAXES

The land transfer tax makes up the largest portion of a buyer’s closing costs. In December 2007, the Ministry of Revenue extended its Land Transfer Tax Refund to buyers of RESALE homes. This refund could be accessed by first time buyers who entered into agreements of purchase and sale after December 13, 2007. First-time home buyers can now apply for a refund, for up to a maximum of up to $2,000 on the land transfer taxes that they have paid. Details on this previous notice can be found at the following link:

http://www.rev.gov.on.ca/english/taxes/ltt/

This notice was written by Elizabeth Blair, a Licensed Mortgage Agent with Mortgage Edge in Richmond Hill, Ontario. Elizabeth services mortgage clients in Mississauga and all over the Greater Toronto area.

You can contact Elizabeth directly by phone at (905) 510-5785

by email at eblair@mortgageedge.ca

or you visit her website at: http://www.missmortgage.ca

Elizabeth is licensed with the Financial Services Commission of Ontario and is also a Member of IMBA (the Independent Mortgage Brokers Association of Ontario) http://www.imba.ca

Lic # M08005880  / Brokerage Lic # 10680

Head office is located at: 15 Wertheim Court, Suite 210, Richmond Hill, Ontario, Canada.

Useful website links for home buyers

Tired of navigating through countless websites to find the exact information that you need? I am too so I decided to put together a list of useful links that you can use yourself. The subject areas covered are, buying a home and mortgage loan insurance premiums, information on the Ontario land transfer tax and refund, enrolling in your city’s pre-authorized payment plan, a link to ordering your own personal credit report as well as a link to the government website listing grants available to home owners who make their homes more energy efficient. Please let me know if these are helpful and if you happen to think of any new links that you would like to see listed here, please pass along your ideas to me and I will attempt to add them. I sincerely hope that these links can save you some time.

Do you need to check if a Mortgage Brokerage, Administrator, Mortgage Agent, or Mortgage Broker is registered and properly licensed in Ontario

Visit the Financial Services Commission of Ontario website at:

http://www2.fsco.gov.on.ca/mbslist/agents.mbl

Do you want to look up the Mortgage Loan Insurance premiums with

Genworth Financial Canada

Mortgage Loan Insurance premiums are available at:

http://www.genworth.ca/mi/eng/product_solutions/premiumRateTable.html

Do you want to look up the Mortgage Loan Insurance premiums with

AIG United Guaranty

Mortgage Loan Insurance premiums are available at:

http://www.aigug.ca/products/premium-rate-chart.pdf

Do you want to look up the Mortgage Loan Insurance premiums with

Canada Mortgage and Housing Corporation or CMHC

Mortgage Loan Insurance premiums are available at:

http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_005.cfm

Do you need to know anything about the Ontario Land Transfer Tax

Or apply for the land transfer tax rebate

Visit the Government of Ontario, Ministry of Revenue website at:

http://www.rev.gov.on.ca/english/taxes/ltt/

Do you need to enrol in the City of Mississauga’s Pre-authorized Tax Payment Plan

Visit the City of Mississauga website at:

http://www.mississauga.ca/portal/residents/taxformscentre

Do you need to enrol in the City of Oakville’s Pre-authorized Tax Payment Plan

Visit the City of Oakville website at:

http://www.oakville.ca/taxpayment.htm

Do you need to enrol in the City of Milton’s Pre-authorized Tax Payment Plan

Visit the City of Milton website at:

http://www.milton.ca/residents/tax/taxpayment.htm

Do you need to enrol in the City of Toronto’s Pre-authorized Tax Payment Plan

Visit the City of Toronto website at:

http://www.toronto.ca/taxes/property_tax/forms.htm#plan

For an in-depth document of the ABCs of mortgages, you can

Visit the Financial Consumer Agency of Canada or FCAC website to read it:

http://www.fcac-acfc.gc.ca/eng/publications/mortgages/Amortization_e.asp

Genworth Financial publishes daily mortgage rates on their website at:

http://www.genworth.ca/mi/eng/misc_pages/interest_rates.asp

Equifax Canada

Order a copy of your consumer credit report:

http://www.equifax.com/home/en_ca

Do you wnt your home assessed for its energy efficiency?

The Energuy

http://energuy.ca/ecoenergy/

Do you want to see what grants, rebates, discounts and incentives are available

If you make your home more energy efficient?

Please visit the Natural Resources Canada website at:

http://oee.nrcan.gc.ca/corporate/incentives.cfm

This blog was written by Elizabeth Blair, a Licensed Mortgage Agent with Mortgage Edge in Richmond Hill, Ontario. Elizabeth services mortgage clients in Mississauga and all over the Greater Toronto area.

You can contact Elizabeth directly by phone at (905) 510-5785

by email at eblair@mortgageedge.ca

or you visit her website at: http://www.missmortgage.ca

Elizabeth is licensed with the Financial Services Commission of Ontario and is also a Member of IMBA (the Independent Mortgage Brokers Association of Ontario) www.imba.ca