The first-time home buyer benefit in Canada includes programs like the First-Time Home Buyer Incentive which provides additional funds for a down payment, and the Tax-Free First Home Savings Account that allows tax-deductible contributions and tax-free withdrawals for purchasing a first home.
6 answers
DigitalDukedom
Fri Nov 08 2024
The government offers financial assistance to eligible first-time homebuyers.
DigitalDynastyQueen
Thu Nov 07 2024
Depending on the type of property, the assistance can be 5% or 10% of the home's price.
SumoHonor
Thu Nov 07 2024
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Tommaso
Thu Nov 07 2024
This incentive acts as a secondary mortgage on the property.
KpopHarmony
Thu Nov 07 2024
To qualify, the first mortgage must exceed 80% of the property's value.