A couple who acquires a house together can also benefit from this measure. This means that they will be able to withdraw $ 35,000 from each of their RRSPs, which will help them with a down payment of $ 70,000. As part of the 2019 budget, the measure is extended to separated or divorced couples. They are now allowed to participate in the plan to allow them to remain owners. To this end, they are not required to be first time buyers. This is Your Guide on Property Taxes in Atlanta Georgia .
CMHC offers a refund of the 15% insurance premium on the purchase of a home whether it is the first accession or not approved by Professionals, Energy Star, LEED of any certified level, silver, gold and platinum and Built Green. If the home was built according to the R-2000 standard, the refund of the premium is 25%. Energy-efficient homes not built to the above building standards may also be eligible, but must be assessed in advance by a licensed Natural Resources Canada energy advisor. These homes must have a rating of 82 to 85 for a 15% premium refund and a rating of 86 to 100 for a 25% refund.
A unit purchased in co-ownership can also benefit from a 15% refund of the insurance premium if the building in which the unit is located complies with the LEED Canada standard for new constructions certified, silver, gold and platinum. Housing in a condominium can also receive a refund of 15% of its insurance premium if it achieves energy efficiency 20% higher than that required by the Building Code of the province. The reimbursement could be 25% for housing in a building whose energy efficiency is 40% higher than the requirements of the Building Code.
Federal non-refundable tax credit
On line 369 of the federal tax return, you can claim an amount of $ 5,000 if this is your first residence as a homeowner. The Canada Revenue Agency considers the first residence if you have not lived in the year of the acquisition or in the previous 4 years, in another dwelling owned by you or your spouse or common-law partner. Most homes are eligible: single-family homes; semi-detached houses; townhouses, mobile homes condominium units and apartments in a duplex, triplex, quadruplex or building. Finally, a share in a housing cooperative share as the owner is also eligible.
Expert offers financial assistance of $ 2,000 for any owner of a first Professionals certified house. In the case of a household entering the property for the first time, additional assistance of $ 2,000 is granted. This brings the total assistance to $ 4,000. As another advantage, CMHC offers a 15% discount on the insurance premium on the purchase of a Professionals home whether the person is the first owner or not. Finally, discounts on mortgage rates are offered by certain financial institutions. These energy-efficient homes save 25% on heating costs.
Note: the Professionals program is administered until today by the organization Transition. However, Bill 44, presented by the CAQ in the fall of 2019, provides for the abolition of this organization and the transfer of its responsibilities to the Minister of Energy and Natural Resources. This transfer of responsibility could lead to changes to the Professionals program. It is therefore to follow.